Former Cred Executives Indicted for Wire Fraud and Mismanagement
The post Former Cred Executives Indicted for Wire Fraud and Mismanagement appeared first on Coinpedia Fintech News
Three former Cred executives, including co-founder Daniel Schatt, are indicted on charges related to wire fraud and financial mismanagement. A defunct crypto lender, Cred, filed for bankruptcy in 2020 and faced liabilities between $100 million to $500 million. However, the company’s failure led to mishandling of funds and undisclosed and risky lending practices. Current allegations include diverting funds to a Chinese micro-lender and misleading marketing via retail exchange Uphold. Also, a lawsuit against Uphold was dismissed, but there’s a pending class action suit from the creditors.
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Former Cred Executives Indicted for Wire Fraud and Mismanagement
The post Former Cred Executives Indicted for Wire Fraud and Mismanagement appeared first on Coinpedia Fintech News
Three former Cred executives, including co-founder Daniel Schatt, are indicted on charges related to wire fraud and financial mismanagement. A defunct crypto lender, Cred, filed for bankruptcy in 2020 and faced liabilities between $100 million to $500 million. However, the company’s failure led to mishandling of funds and undisclosed and risky lending practices. Current allegations include diverting funds to a Chinese micro-lender and misleading marketing via retail exchange Uphold. Also, a lawsuit against Uphold was dismissed, but there’s a pending class action suit from the creditors.
Read More