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Former MoviePass CEO Mitch Lowe Pleads Guilty to Securities Fraud Conspiracy
Former MoviePass CEO Mitch Lowe pleaded guilty Monday to securities fraud, while a trial is pending for Ted Farnsworth, who remains in jail.
Former MoviePass CEO Mitch Lowe pleaded guilty Monday to a securities fraud charge, admitting that he conspired to deceive the public and investors about the sustainability of the company’s $9.95-a-month movie subscription service. Investigators found that Lowe tried to stem the losses by throttling the service, forcing high-volume users to reset their passwords and verify their tickets. Prosecutors allege that Farnsworth also patronized a prostitute in the summer of 2023, sending the man multiple wire transfers after meeting him on the escort site.
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