The indictment alleges that Itum submitted sham invoices to MoviePass’s parent company to pay for an event at Coachella, which he produced via a separate company, Kaleidoscope.
on securities fraud and wire fraud charges for allegedly deceiving investors about the sustainability of HMNY and MoviePass. In September, Farnsworth and Lowe were named in a civil complaint from the Securities and Exchange Commission, which leveled the allegation regarding Itum and the Coachella party. A spokesman for Farnsworth said he acted in good faith and would fight the charges.
“The prosecutors have got it wrong. Khalid Itum worked earnestly and honestly for MoviePass. The only money paid to him or his consulting company was for genuine services provided to MoviePass and its corporate parent, and the money was spent in entirely legitimate ways.
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