Get the latest gossip
Former MoviePass CEO Pleads Guilty to Securities Fraud
Theodore Farnsworth lied to investors and participated in “AI washing,” per the DOJ.
Theodore Farnsworth, ex-CEO of Helios & Matheson Analytics (the parent company of MoviePass), pleaded guilty in federal court today of defrauding investors. Principal Deputy Assistant Attorney General Brent S. Wible made a statement claiming Farnsworth “repeatedly lied to the public to artificially inflate these companies’ stock prices, defraud investors, and enrich himself and his co-conspirators.” They claim Farnsworth and his co-conspirators artificially inflated Helios stock from August 2017 through March 2019. Farnsworth claimed the model was tested and sustainable, but knew all along the plan would lose money.
Or read this on VULTURE
