US EditionMoviePass ex-CEO pleads guilty to fraud over ‘unlimited’ plan
- Theodore Farnsworth, former CEO of MoviePass, pleaded guilty to securities fraud, facing up to 25 years in prison for misleading investors about the company's business model.
- Farnsworth was accused of inflating stock prices and taking millions for personal use while leading Helios & Matheson Analytics.
- Federal prosecutors stated that Farnsworth falsely claimed that artificial intelligence was used to monetize subscriber data, which was not true.
- MoviePass's unsustainable model led to its collapse, and Farnsworth's guilty plea highlights the fraudulent nature of the company's operations.
49 Articles
49 Articles
Ex-MoviePass CEO Pleads Guilty To Defrauding Investors; DOJ Calls Case Early Instance Of “AI Washing”
Theodore Farnsworth, the former CEO of MoviePass parent Helios & Matheson Analytics, pleaded guilty to charges of defrauding and conspiring to defraud investors in two public companies, including lying about artificial intelligence capabilities that it didn’t have. The company is now owned and run by original founder Stacy Spikes, who acquired it out of bankruptcy in […]
MoviePass CEO faces prison after defrauding investors
Smug fraudster and MoviePass mastermind Ted Farnsworth finally faces justice after years of exploiting investors' dreams – but his potential 25-year sentence feels light for someone who made a career of destroying trust and retirement accounts. The 62-year-old serial scammer, who cringingly describes himself as a "financier, entrepreneur, and consummate disrupter" pleaded guilty this week to brazenly defrauding investors not once, but twice – fi…
MoviePass ex-CEO pleads guilty to fraud over ‘unlimited’ plan
The former CEO of MoviePass, Ted Farnsworth, pleaded guilty Tuesday, Jan. 7, to fraud for lying to investors about the success of the company. Now, he faces up to 25 years in prison. The subscription service gained a lot of attention in 2017, promising unlimited access to movies at theaters for just $9.95 a month. But that proved to be unattainable, despite reaching a peak of 3 million subscribers in 2018, with the company eventually filing for …
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