00:00It's Benzinga bringing Wall Street to Main Street.
00:02Ted Farnsworth, former CEO of MoviePass parent Helios
00:05and Matheson Analytics, pleaded guilty to defrauding investors in the company.
00:09He also admitted to a conspiracy charge linked to a non-existent video sharing platform.
00:14MoviePass grew to 3 million subscribers after launching its 2017 subscription service,
00:19but lost hundreds of millions of dollars leading to its 2020 bankruptcy.
00:23He was indicted in 2022 for misleading investors about MoviePass's revenue sources
00:27and sustainability. Farnsworth was also involved in a scheme tied to Vidco Ventures
00:32raising $120 million for a media platform and misusing funds.
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