Former CEO of MoviePass’ parent company faces up to 25 years in …

6 days ago · The former chief executive of MoviePass’ parent company has pleaded guilty to charges of securities fraud and conspiracy and could face up to 25 years in prison. Theodore Farnsworth “engaged ...

$9.95
OFF

Former MoviePass CEO Pleads Guilty To Fraud, Faces Up To 25 …

2 weeks from now

2 days ago · Ted Farnsworth, the former CEO of MoviePass and guy who had the bright idea to charge $9.95 per month for unlimited film screenings, has admitted to defrauding investors in …

soylentnews.org

FAQs about Former CEO of MoviePass’ parent company faces up to 25 years in … Coupon?

How long can a MoviePass CEO be jailed for?

He tried to inflate its stock price and took millions of dollars from the company for himself, according to prosecutors and court records. He faces a maximum of 20 years in prison for the securities fraud count relating to his leadership of MoviePass and a maximum of five years in prison for the conspiracy count relating to his leadership of Vinco. ...

Is MoviePass a scam?

MoviePass is a privately held subscription service company that allowed users to purchase one movie ticket a day for a monthly fee of $9.95. Farnsworth and MoviePass' former CEO, J. Mitchell Lowe, were originally charged in 2022 with one count of securities fraud and three counts of wire fraud. ...

Was 'MoviePass' a securities fraud scheme?

“Farnsworth’s plans and promises for MoviePass seemed too good to be true — they were in fact part of a securities fraud scheme,” said James Dennehy, the assistant director in charge of FBI’s New York field office. “As he admitted [Tuesday], Farnsworth’s ploys and boasts were actually lies and misrepresentations designed to boost stock prices.” ...

Did Theodore Farnsworth mislead investors about MoviePass?

Prosecutors said that Theodore Farnsworth, who ran the parent company of MoviePass, had misled investors about its popular subscription plan. MoviePass was led by Mitchell Lowe, the chief executive, and Theodore Farnsworth, right, then chief executive of Helios + Matheson, the parent company. Mr. ...

What happened to MoviePass & Vinco?

Farnsworth faces a maximum of 20 years in prison for the securities fraud count regarding MoviePass and a maximum of five years for the conspiracy count related to Vinco. MoviePass co-founder Stacy Spikes bought back MoviePass in 2021 and relaunched it in late 2022 with a new business model. Aisha is a consumer news reporter at TechCrunch. ...

Did Ted Farnsworth lie about the success of MoviePass?

Ted Farnsworth, former CEO of Helios and Matheson Analytics, lied about the success of MoviePass to attract investors. Ted Farnsworth, the former CEO of MoviePass and guy who had the bright idea to charge $9.95 per month for unlimited film screenings, has admitted to defrauding investors in the subscription company. ...