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Variety reports:

A former MoviePass executive was arrested Tuesday on charges that he embezzled $260,000 from the company to pay for a party at Coachella Music Festival.

Khalid Itum, 42, was indicted on two counts of wire fraud and two counts of money laundering. The charges allege that Itum submitted sham invoices to MoviePass to pay for the marketing event, which he had run through a separate company that he owned and controlled.

MoviePass collapsed in 2019, after losing hundreds of millions of dollars on its all-you-can-watch theatrical subscription business. Last November, the two top executives — Theodore Farnsworth and Mitch Lowe — were indicted on securities fraud charges.

Read the full article.

Ex-MoviePass Exec Charged With Allegedly Stealing From Company to Pay for Coachella Party https://t.co/6jd7PdFgSw

— Variety (@Variety) February 22, 2023