Two former CEOs of MoviePass have been indicted on fraud chrages.
The saga of MoviePass still isn't over as two former executives at the company have been indicted on securities fraud charges by the Department of Justice. The indictment was unsealed today revealed that Theodore Farnsworth, the former chairman of Helios & Matheson Analytics Inc., and J.
According to a DOJ press release on the charges, Farnsworth and Lowe falsely claimed that the previously used"unlimited plan" from MoviePass, that used to cost less than $10 a month, had been"tested, sustainable, and would be profitable or break even on subscription fees." It continues that the pair were aware this gimmick, which became the main selling point for MoviePass on the whole, was not sustainable and"was a temporary marketing gimmick to grow new subscribers.
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