MoviePass Exec Embezzled to Fund Coachella Party, Jury Finds

A former MoviePass Inc. executive was found guilty of embezzling $260,000 from the startup’s parent company to fund a party he threw at the 2018 Coachella music festival.

Khalid Itum, 43, was convicted Thursday by a federal jury in Los Angeles on two counts of wire fraud. He was acquitted of money-laundering charges.

Itum, who’s scheduled to be sentenced on April 29, faces a maximum of 20 years in prison on each fraud count, though he’s unlikely to get such a stiff penalty.

According to prosecutors, Itum borrowed money to throw the Coachella party, which was intended to promote ...