Former MoviePass CEO Pleads Guilty To Fraud Scheme

September 17, 2024 Business, Crime

The Hollywood Reporter reports:

Former MoviePass chief executive Mitch Lowe has pled guilty to a securities fraud charge related to his role in swindling investors about the company’s monthly movie subscription service.

Lowe on Monday entered a plea agreement in which he admitted fault for conspiring to inflate the price of MoviePass’ stock by lying about the profitability and sustainability of the $9.95-per-month unlimited plan in exchange for the dismissal of securities and wire fraud charges.

He faces a maximum of five years in prison, with the expectation that he’ll be sentenced to less for assisting with ongoing investigation and cases, plus a fine of up to $250,000 or twice the amount he made off of the alleged scheme.

Read the full article.

Ex-MoviePass CEO Mitch Lowe Pleads Guilty to Securities Fraud Conspiracy After Taking Plea Deal https://t.co/4ZiCN4gaul

— The Hollywood Reporter (@THR) September 16, 2024