Ted Farnsworth, Architect of Failed MoviePass Plan, Pleads Guilty to Defrauding Investors

variety.com:

Gene Maddaus Senior Media Writer Ted Farnsworth, the architect of MoviePass‘ doomed $9.95-a-month subscription plan, pleaded guilty Tuesday to defrauding investors in the company.

Farnsworth also pleaded to a conspiracy charge for a second scheme involving a non-existent video sharing platform, which the government alleges he secretly organized while under investigation in the MoviePass case.

Farnsworth, 62, has been in federal custody since his bond was revoked in August 2023. “It was important for Mr. Farnsworth to accept responsibility for his conduct and he took the first step by entering a guilty plea this day,” his attorney, Sam Rabin, said via email.

Farnsworth was indicted in the MoviePass case in November 2022 on charges that he lied to investors about sources of revenue and the sustainability of the company.