MoviePass/Reuters
Lowe and Farnsworth were charged in a securities fraud case in 2022 by the Department of Justice. The DOJ alleged that Lowe and Farnsworth “engaged in a scheme to defraud investors through materially false and misleading representations relating to HMNY and MoviePass’s business and operations to artificially inflate the price of HMNY’s stock and attract new investors.”
Farnsworth, whose bail was revoked in August 2023, is currently in Florida prison awaiting his trial in March.
Spikes, who was ousted by Lowe and Farnsworth from MoviePass in 2018, bought back the company in 2021.
MoviePass — under Spikes’ leadership — is currently available nationwide.
The story of the rise and fall of MoviePass is chronicled in the documentary “MoviePass, MovieCrash,” which was released in May and is based on BI’s award-winning reporting.