Yahoo Finance AMC Theatres CEO Adam Aron Says He Was Victim of ‘Elaborate Criminal’ Extortion Attempt
Adam Aron, the CEO of AMC Theatres, revealed that he had been the victim of an “elaborate criminal extortion.” The chief of the world’s largest cinema chain didn’t reveal details about what he described as a “blackmail attempt” other than to claim they were “related to false allegations about my personal life.”
Aron says there has been a “vigorous” criminal investigation taken by the U.S. Attorney’s Office for the Southern District of New York, and he had reported the situation to the FBI and Justice Department. Semafor first reported the news Thursday morning.
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“Rather than give in to blackmail, I personally engaged counsel and other professional advisors and reported the matter to law enforcement,” Aron wrote on X, formerly known as Twitter. “I did so knowing I risked personal embarrassment. But with my access to resources, if I did not stand up against blackmail, who could?”
Throughout my long career, I have successfully led many prominent companies and am proud of my impeccable reputation. In recent years, AMC's millions of retail shareholders have played a central role in my life. Your passion for our company is one of my key motivators in doing…
— Adam Aron (@CEOAdam) October 12, 2023
Aron says his extortionist had been investigated and sentenced in July 2023, resulting in the person being “arrested, convicted of a felony, and spending nearly a year in jail.” He also said AMC’s Board of Directors had reviewed the events with outside counsel at WilmerHale.
“This indeed was entirely a personal matter, and the matter is closed,” he wrote.
In a statement, AMC Board of Directors confirmed Aron’s account of the investigation and “considers the issue resolved.”
The news outlet Semafor further reported that Aron’s extortionist, Sakoya Blackwood, was sentenced in July to time already served. Aron is not named in court filings, which refer only to the CEO of a publicly traded company. The indictment states that Blackwood ensnared her victim in an elaborate catfishing scheme to extort hundreds of thousands of dollars. She “engaged in a campaign of harassment, intimidation, and threats” that included “sending harassing, threatening, and intimidating text messages.” The indictment also states that Blackwood “threatened to release sexually explicit photographs of, and sexually explicit communications” with her victim. Michael Tremonte, an attorney for Blackwood, did not immediately respond to a request for comment.
In recent years, Aron has been increasingly active on social media as his company has benefitted from its status as a meme stock. He regularly engages with the retail investors, known as Apes, who bolstered AMC’s share price as the exhibition industry giant was recovering from COVID-related closures and concerns about its long-term debt obligations. Since then, AMC’s stock has been on a volatile ride. A year ago, it was trading at just above $60 a share. On Thursday before markets had opened, AMC’s shares were trading at just over $10.
He’s also fashioned some unusual attempts to expand the company’s business outside of the box office in these difficult post-pandemic times. After evading bankruptcy in 2021, AMC has invested in a Nevada-based gold and silver mining company, leaned into NFTs, started selling popcorn in shopping malls, launched a branded credit card and partnered with Zoom for in-theater conference calls.
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