Ex-MoviePass Exec Charged With Embezzling Money for Coachella Party

On Tuesday, Khalid Itum, a former top executive at MoviePass, was arrested by special agents with the FBI on an indictment alleging he embezzled $260,000 from the service’s parent company to repay money he borrowed to throw a party at Coachella Music Festival. The indictment alleges that Itum submitted sham invoices to MoviePass’s parent company, Helios & Matheson Analytics, to pay for the event at Coachella, which he produced via a separate company, Kaleidoscope, that he started. Itum was charged with two counts of wire fraud and two counts of money laundering. He pleaded not guilty to the charges in… Read Full Article