SEC Bars Theodore Farnsworth for Misrepresentation
The U.S. District Court for the Southern District of New York has reportedly entered a consent judgment on December 30, 2024, against Theodore Farnsworth, the former CEO of Helios & Matheson Analytics Inc. (HMNY), according to a press release.
Farnsworth, reportedly known for his controversial involvement with MoviePass, is accused by the SEC of secretly controlling Vinco Ventures Inc. from 2021 to 2023 while allegedly defrauding investors. Farnsworth is accused of handpicking officers and making misleading statements about Vinco’s capabilities and a planned merger with Zash Global Media. Farnsworth, who reportedly controlled Zash Global Media, allegedly concealed his role and extracted millions for personal gain.
As part of the judgment, Farnsworth is reportedly permanently barred from serving as an officer or director of any company and enjoined from violating securities laws. Additional penalties, including disgorgement and fines, are reportedly pending. This follows a similar 2022 SEC action involving alleged false claims about MoviePass’s profitability, data analytics, and operations.
Beyond Vinco, Farnsworth’s alleged misconduct with MoviePass from 2017 to 2019 reportedly included deceptive tactics to limit subscriber usage and falsifying invoices to disguise bonus payments. Litigation against others involved in these schemes is reportedly ongoing.
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Last modified: January 8, 2025
