Hollis Johnson/Business Insider
- A former MoviePass exec was arrested Tuesday on allegations that he embezzled $260,000 from its former parent company.
- Khalid Itum was charged with two counts of wire fraud and two counts of money laundering.
- He was released on $75,000 bond and pleaded not guilty.
Khalid Itum, a former executive at the movie-ticket-subscription service MoviePass, was arrested on Tuesday on a federal grand jury indictment alleging he embezzled $260,000 from MoviePass' former parent company, Helios and Matheson Analytics (HMNY), to repay money he borrowed to put on a event at the Coachella music festival in 2018.