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The Prosecutor's Office for the Northern District of California has charged three former top managers of the crypto lending platform Cred with conspiracy to launder money and fraud in the amount of $783 million.
According to court documents, Daniel Shutt was co-owner and CEO of the firm, Joseph Podulka was chief financial officer, and James Alexander was chief commercial officer.
Founded by another individual in 2018, Cred issued loans in US dollars secured by cryptocurrencies and accepted deposits in digital assets with the promise of profitability.
According to the prosecution, no later than March 2020, the defendants began to deceive customers by providing false information about credit and investment practices. Despite the collapse of the company, the defendants assured the victims of its solvency.
Shutt and Podulka went on trial on May 2, 2024. The next hearing on the case is scheduled for May 8. The date of Alexander's trial has not yet been set.
In October 2020, Cred reported a loss of funds due to fraud.
• Source: https://www.justice.gov/usao-ndca/p...d-alleged-multi-million-dollar-cryptocurrency
According to court documents, Daniel Shutt was co-owner and CEO of the firm, Joseph Podulka was chief financial officer, and James Alexander was chief commercial officer.
Founded by another individual in 2018, Cred issued loans in US dollars secured by cryptocurrencies and accepted deposits in digital assets with the promise of profitability.
According to the prosecution, no later than March 2020, the defendants began to deceive customers by providing false information about credit and investment practices. Despite the collapse of the company, the defendants assured the victims of its solvency.
Shutt and Podulka went on trial on May 2, 2024. The next hearing on the case is scheduled for May 8. The date of Alexander's trial has not yet been set.
In October 2020, Cred reported a loss of funds due to fraud.
• Source: https://www.justice.gov/usao-ndca/p...d-alleged-multi-million-dollar-cryptocurrency
