Mitch Lowe, the former CEO of MoviePass, has pleaded guilty to securities fraud conspiracy, indicating his involvement in deceiving investors and leading the company to bankruptcy.
Lowe and Farnsworth launched a $10-a-month plan that brought huge popularity to MoviePass, but the plan was ultimately unsustainable, causing significant financial losses.
The Department of Justice charged Lowe and Farnsworth in 2022, alleging they defrauded investors through false representations to inflate HMNY's stock price.
Lowe's lawyers stated he accepted responsibility for his actions and aims to improve his life, despite facing up to five years in prison.
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