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Former MoviePass CEO Pleads Guilty to Fraud, Faces Up to 25 Years in Prison | Ted Farnsworth, former CEO of Helios and Matheson Analytics, lied about the success of MoviePass to attract investors.
Ted Farnsworth, former CEO of Helios and Matheson Analytics, lied about the success of MoviePass to attract investors.
Ted Farnsworth, the former CEO of MoviePass and guy who had the bright idea to charge $9.95 per month for unlimited film screenings, has admitted to defrauding investors in the subscription company. Farnsworth was the head of analytics firm Helios and Matheson, which bought a majority stake in MoviePass in 2017 and eventually pushed the company to offer filmgoers the ability to see one film per day for just $9.95 per month. It was pretty obvious that MoviePass was doomed to fail the moment the unlimited plan was introduced, but Farnsworth claimed to investors that the price was sustainable and would be profitable on subscription fees alone.
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