Ted Farnsworth, the architect of MoviePass’s failed $9.95-a-month subscription plan, pleaded guilty to defrauding investors in the company. The 62-year-old has been in federal custody since his bond was revoked in August 2023.
Farnsworth faced charges that he lied to investors about revenue sources and the company’s sustainability. In a parallel civil case, he was barred from serving as an officer of a publicly traded company. MoviePass expanded rapidly in 2017 but lost hundreds of millions of dollars before declaring bankruptcy in 2020.
The government alleges Farnsworth secretly organized a non-existent video sharing platform while under investigation in the MoviePass case. He is also charged with conspiracy to commit securities fraud, related to his control of Vinco Ventures, a company that raised $120 million for a media distribution platform but ultimately collapsed.
Farnsworth’s guilty plea marks an admission of responsibility for his conduct. His attorney stated that the plea was a necessary step in addressing the allegations. The status conference is set for July 10.
Source: https://variety.com/2025/film/news/moviepass-ted-farnsworth-guilty-plea-1236268680