MovieGo Execs Indicted For Fraud

For these outside the US, MovieGo was a subscription service, launched in 2011, that allowed customers to purchase one movie ticket a day for a month-to-month payment. The service used a cellular app. Users will verify directly in a theatre. Choose a movie and showtime. The ticket price can be uploaded to a MovieGo card which can be used to purchase tickets from movie shows.

In 2017, the service was acquired by Helios and Matheson Analytics (HMNY) and the subscription price dropped significantly to $9.95 per 30 days, with subscriptions reaching over three million subscribers by 2018.

This prompted Cashflow Points and was eventually closed in September 2019 and HMNY submitted for Chapter 7 in January 2020.

Now two former leaders have been indicted on US securities fraud spending for allegedly defrauding traders.

Diversity Reviews that Michelle Lowe, the previous CEO of Moviego, and Theodore Farnsworth, former CEO of parent firm Helios & Matheson, have been charged with securities fraud and wire fraud. This is related to the assurances he gave to traders that the subscription mannequin was market tested and could be durable over the long term.

The FBI’s New York subject workplace has issued a press release:

“Such attempted scams undermine public confidence in our financial markets. The FBI is committed to ensuring that these types of fraud and swindling are uncovered, and that perpetrators are protected for their actions in the criminal justice system. be held responsible for.

At the bottom of the matter are false claims about AI and ‘big data’ being used to monetize customer information.

A good friend of a former CDO of mine told Big Data like kids and sex. Everyone is talking about it. Everyone assumes that everyone else is doing it. Almost no one is doing it for sure, and the people who are doing it are doing it really, really badly.

Previous MovieGo founder Stacey Parks, who offered the company, recently announced that it may be relaunching with a new marketing strategy.

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