Florida Man Goes To The Movies
This Week In Blunders – Jan. 5-11
“Movies are like magic tricks.” – Jeff Bridges
It’s movie night in federal prisons across America, a chance for MoviePass executive Ted Farnsworth to catch at least a little entertainment.
Farnsworth, 62, who pleaded guilty on Tuesday to defrauding investors, has been locked up since his bond was revoked in August 2023. While out on bond, he allegedly used company funds to pay for male prostitutes.
It was a nice touch in the Justice Department’s press release to describe Farnsworth as “a Florida Man.” How else do you explain an entrepreneur from Miami with a famously ridiculous scheme like MoviePass?
MoviePass, launched in 2017, offered a sweet deal to moviegoers while it lasted. For less than $10 a month, they got a movie ticket every day. The subscription service grew to three million customers, but even a third-grade math student could see that it made zero economic sense for the company.
MoviePass filed bankruptcy in 2020 after racking up hundreds of millions of dollars in losses for its investors. But it made for a well-received film on HBO last year called MoviePass/Movie Crash.
Farnsworth ran MoviePass’s publicly traded parent company, Helios & Matheson Analytics Inc. Former Netflix and Redbox executive Mitchell Lowe, who pleaded guilty in September, served as MoviePass’ CEO.
They may have hoped they could eventually monetize their growing subscriber base. They also must have hoped their idiotic 2018 gangster biopic, Gotti, would have turned a dime. But in the meantime, they made up stories.
“Farnsworth … repeatedly lied to the public to artificially inflate these companies’ stock prices, defraud investors, and enrich himself and his co-conspirators,” said Principal Deputy Assistant Attorney General Brent S. Wible in a news release. “He concealed that MoviePass’ subscription model was a money-losing gimmick.”
Farnsworth can now look forward to weekend entertainment on the Federal Bureau of Prison’s movie channel.
Sorry, Florida Man, but there’s nothing R-rated. You’re going to have to enjoy reruns of PG films like “Shrek.” And your movie privileges can be revoked for bad behavior.
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