LOS ANGELES — A former executive at the cinema subscription service MoviePass Inc. has been arrested on a federal grand jury indictment alleging he embezzled $260,000 from MoviePass’ parent company to repay money he borrowed to produce an event at the Coachella music festival.
At his arraignment in Los Angeles 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.
Source: News Formal (newsformal.com)
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