Ted Farnsworth, the architect of MoviePass‘ doomed $9.95-a-month subscription plan, pleaded guilty Tuesday to defrauding investors in the company.
Farnsworth also pleaded to a conspiracy charge for a second scheme involving a non-existent video sharing platform, which the government alleges he secretly organized while under investigation in the MoviePass case.
Farnsworth, 62, has been in federal custody since his bond was revoked in August 2023.
“It was important for Mr. Farnsworth to accept responsibility for his conduct and he took the first step by entering a guilty plea this day,” his attorney, Sam Rabin, said via email.
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