Former MoviePass Parent Company CEO Pleads Guilty to Fraud

Theodore Farnsworth admitted to defrauding investors with false claims about MoviePass' unsustainable 'unlimited' plan and faces up to 25 years in prison.

Theodore Farnsworth, ex-CEO of MoviePass' parent company Helios & Matheson Analytics, pleaded guilty to securities fraud and conspiracy charges.
Farnsworth misled investors by falsely claiming MoviePass' $9.95 'unlimited' movie subscription plan was sustainable and profitable.
The Department of Justice revealed that Farnsworth and co-conspirators also fabricated claims about using artificial intelligence to monetize subscriber data.
Farnsworth faces a maximum of 25 years in prison, with sentencing to be scheduled at a later date.
MoviePass, now under original co-founder Stacy Spikes, was relaunched in 2022 with a new subscription model after its 2020 bankruptcy.

U.S. Department of Justice