Former MoviePass CEO Mitch Lowe Admits Guilt in Fraud Case! 🎬

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Summary:

  1. Guilty Plea
    Mitch Lowe, the former CEO of MoviePass, has pleaded guilty to securities fraud, admitting to misleading investors about the company’s subscription service, which ultimately led to significant financial losses.

  2. Co-Defendant Charges
    Lowe’s co-defendant, Ted Farnsworth, faces similar charges and is set for trial in March 2025, having been in custody since August 2023 for bond violations related to misuse of company funds.

  3. Major Financial Impact
    The government estimates the losses from the MoviePass scheme at $303 million, highlighting the severe repercussions of the controversial all-you-can-watch service launched by Lowe and Farnsworth.

Read more at: Variety