Former MoviePass Executives Charged With Multiple Counts Of Fraud By Feds

Specifically, the indictment alleges Farnsworth and Lowe “falsely claimed that MoviePass’s $9.95 ‘unlimited’ plan – in which new subscribers could see ‘unlimited’ movies in theaters with no blackout dates for a flat monthly fee of $9.95 – was tested, sustainable, and would be profitable or break even on subscription fees alone. Farnsworth and Lowe allegedly knew that the $9.95 ‘unlimited’ plan was a temporary marketing gimmick to grow new subscribers.

The digital movie ticketing firm sought to popularize fixed-price ticket buying, a tool widely used in many international markets, but ran afoul of major exhibitors and then its customers after deciding to offer an unsustainable monthly price. After slashing the monthly price from its previous levels of $40 to $50 a month, the company still had to fulfill customer orders for tickets.

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