Former MoviePass executives hit with criminal fraud charges
CBSN
Two former leaders of the company MoviePass and its parent entity, Helios and Matheson Analytics, are facing federal charges for allegedly defrauding investors amid the once-defunct ticketing service's dramatic public downfall several years ago.
An indictment unsealed on Friday criminally charged Theodore Farnsworth, the former CEO of Helios and Matheson, and Mitchell Lowe, the former CEO of MoviePass, with one count each of securities fraud and three counts each of wire fraud, the Justice Department said.
Farnsworth, 60, and Lowe, 70, are facing similar allegations in a civil suit filed against them by the Securities and Exchange Commission in September. They reached a settlement with the Federal Trade Commission last year over another complaint alleging they fraudulently prevented MoviePass subscribers from using the app's services as advertised, while failing to protect their personal data. Attorneys for Farnsworth and Lowe did not immediately respond to a request for comment.
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