Can you believe it? That someone would use 'artificial intelligence' as a buzzword to mislead investors?
We all knew this was happening "unlimited" movies was a lie.
It's wild someone would commit such blatant fraud.
[Farnsworth] concealed that MoviePass’ subscription model was a money-losing gimmick and falsely claimed that they used artificial intelligence to monetize MoviePass’ subscriber data, among other misrepresentations.
Chairman and CEO of MoviePass’ Parent Company Pleads Guilty to Securities Fraud Scheme and Conspiracy
A Florida man pleaded guilty today in the Southern District of Florida to charges of defrauding and conspiring to defraud investors in two public companies.
www.justice.gov
[his] tactics included directing MoviePass employees to “throttle” subscribers who most frequently used the service to buy movie tickets, thereby inhibiting their ability to use the MoviePass service.
We all knew this was happening "unlimited" movies was a lie.
It's wild someone would commit such blatant fraud.
He faces a maximum penalty of 20 years in prison on the securities fraud count and five years in prison on the conspiracy to commit securities fraud count. A sentencing hearing will be scheduled at a later date.
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