Ted Farnsworth, former CEO of MoviePass parent Helios & Matheson Analytics, pleaded guilty to defrauding investors in the company. He also admitted to a conspiracy charge linked to a non-existent video-sharing platform. MoviePass grew to 3 million subscribers after launching its 2017 subscription service but lost hundreds of millions of dollars, leading to its 2020 bankruptcy. He was indicted 2022 for misleading investors about MoviePass’ revenue sources and sustainability. Farnsworth was also involved in a scheme tied to Vinco Ventures, raising $120 million for a media platform and misusing funds.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Ted Farnsworth, former CEO of MoviePass parent Helios
00:05and Matheson Analytics, pleaded guilty to defrauding investors in the company.
00:09He also admitted to a conspiracy charge linked to a non-existent video sharing platform.
00:14MoviePass grew to 3 million subscribers after launching its 2017 subscription service,
00:19but lost hundreds of millions of dollars leading to its 2020 bankruptcy.
00:23He was indicted in 2022 for misleading investors about MoviePass's revenue sources
00:27and sustainability. Farnsworth was also involved in a scheme tied to Vidco Ventures
00:32raising $120 million for a media platform and misusing funds.