MoviePass Execs Charged With Securities Fraudfrom the your-neverending-pass-to-securities-fraud deptYou’ll be shocked to learn that the same MoviePass executives that routinely misled investors (and once even covertly changed user passwords to try and keep them from using a service they paid for) are now in even more trouble for their dodgy business practices.But the DOJ said the duo also took the added step of misleading investors by falsely claiming that the company had created amazing new AI-based user data monetization systems that… didn’t exist:Farnsworth and Lowe allegedly made false claims that HMNY possessed and used technologies – like “big data” and “artificial intelligence” platforms – to generate revenue by analyzing and monetizing the data MoviePass collected from subscribers.However, the indictment alleges that Farnsworth and Lowe knew HMNY did not possess these technologies or capabilities to monetize MoviePass’s subscriber data or incorporate these technologies into the MoviePass application.Showcasing the width and depth of the dodgy effort, at one point executives genuinely thought it would be a good idea to actually change user passwords so paying customers couldn’t use the service, thinking this would let them get their head above water.Otherwise they could never be anything than a more expensive middleman for tickets."