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Former MoviePass executives face fraud charges | CNN Business

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MoviePass’s former CEO and the leader of its former parent company have been indicted on securities fraud charges for deceiving investors on the sustainability and profitability of the company’s movie-a-day subscription model, the DOJ says.

MoviePass’s former CEO and the leader of its former parent company have been indicted on securities fraud charges for deceiving investors on the sustainability and profitability of the company’s movie-a-day subscription model, according to a Department of Justice release on Friday. J.

The Securities and Exchange Commission filed charges against the former executives in September with similar allegations, and also accused the two men, plus fellow former MoviePass exec Khalid Itum, of creating or approving fake invoices that produced over $310,000 dollars for Itum’s personal benefit.

 

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