Mitch Lowe, who used to be the boss of MoviePass, has admitted to breaking the law by tricking investors about the company's finances.
Lowe's actions led to MoviePass going bankrupt in 2020 after offering a very popular but unsustainable $10-a-month movie ticket subscription plan.
He faces up to five years in prison for his part in a scheme to defraud investors.
This comes after the Department of Justice accused Lowe and the former CEO of MoviePass's parent company of securities fraud in 2022.
