Cred, a cryptocurrency platform being investigated by the bankruptcy court in Delaware, had a U.K. fugitive as its chief capital officer (CCO).
Alexander had been convicted of crimes relating to illegal money transfers in the U.K. in December 2007 and sentenced to over three years in prison.
According to the court examiner's report filed Monday (see below), there was a prison break at the facility where Alexander was incarcerated and he was identified by the U.K. government as a fugitive.
The examination describes Alexander's "participation/involvement in poor decision-making" as a "recurring theme," and "an important figure in the story of Cred’s demise."
Alexander is said to have had "free reign" to choose how capital was raised and deployed, with scant oversight from Cred's board.
When CEO Dan Schatt became concerned about how his CCO had arranged Cred's finances, Alexander allegedly transferred over $2.3 million in U.S. dollars and bitcoin to his personal accounts.
See the full report below:
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