Mitch Lowe, the former CEO of MoviePass, has pleaded guilty to securities fraud, admitting to conspiring to mislead investors about the company’s viability.
Prosecutors allege that Lowe was aware from the beginning that the 'unlimited' $9.95 plan was merely a strategy to boost subscriber numbers and inflate shares.
Lowe faced accusations of making false claims in statements about MoviePass, including its ability to achieve profitability through subscriptions and potential revenue streams.
Despite the collapse of MoviePass and its bankruptcy in 2020, Lowe claims to be ready to move on after accepting responsibility for his actions.
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