Khalid Itum, a former MoviePass executive, is charged with allegedly embezzling $260,000 from MoviePass' parent company to pay back money he borrowed to produce an event at Coachella.
$260,000 from MoviePass' parent company to repay money he borrowed to produce an event at the Coachella music festival, officials announced Wednesday., was arrested by special agents with the FBI on Tuesday, according to the U.S. Department of Justice.federal court, Itum pleaded not guilty to the charges — two counts each of wire fraud and money laundering — and an April 18 trial date was scheduled. He was ordered released on $75,000 bond, prosecutors said.
In August 2017, Helios & Matheson Analytics, a New York-based data analytics company, acquired MoviePass. In spring 2017, Itum registered Kaleidoscope Productions LLC, a Los Angeles-based company that provided production and marketing services. The same year, Itum, through Kaleidoscope, organized a party at the annual Coachella Valley Music and Arts Festival inNeither MoviePass nor HMNY participated in the Coachella event.
Itum allegedly caused HMNY employees to wire money from MoviePass and HMNY accounts to a Kaleidoscope bank account to pay the sham invoices. The defendant concealed his scheme by falsely telling HMNY's auditor that Kaleidoscope had been used to pay legitimate MoviePass expenses from the 2018 Coachella festival, federal prosecutors contend.
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