Cred’s Former CFO Was Identified As Prison Escapee: Report

Cred’s former CFO James Alexander was identified by the UK authorities as a prison escapee who was initially charged for financial crimes, so let’s find out some more in our latest altcoin news today.

Cred’s former CFO worked at the company for quite the time but he was unwittingly appointed as he turned out to be a prison escapee. The reports filed by examiner Robert Stark of Brown Rudnick LLP show that James Alexander was identified by the UK authorities as a financial fugitive who had been sentenced to three years imprisonment back in 2007 as Stark said:

“At the time of his incarceration, there was a prison break at this facility. Mr. Alexander has been identified by the UK government as a fugitive.
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Stark was appointed by Judge John Dorsey to investigate allegations from Cred’s customers that the company lost more than $60 million in less than two years via fraud and incompetence. The report found that the accounting and compliance practices of the company were chaotic and unsystematic and in moments, nonexistent and they lack standardized reporting and tracking processes which led to the loss of company and customer funds:

“By the time Cred filed for bankruptcy, it had not performed a comprehensive financial reconciliation of accounts in almost a year. Cred, it seems, excelled at its marketing objectives; but, its failures in the most basic of business functions portended its eventual demise.”

Alexander was at the center of Cred’s bankruptcy proceedings since they were filed back in November when the company’s lawyers accused him of wanting to take over the subsidiary Cred Capital. They accused Alexander of transferring $4.3 million of the company’s account s under control and losing $11.5 million more In crypto assets to a scam. The accused filed to dismiss the bankruptcy filing claiming that he was the director and the sole person to authorize the filing but the motion was dismissed earlier this month. A month ago, Alexander’s lawyers withdrew from the case and asserted that the defendant is holding crypto assets improperly as they have been instructing him to turn over to authorities.

As reported recently, The United-States-based crypto-asset lending service CRED filed for Chapter 11 bankruptcy protection which left many customers searching for solutions to get their funds. According to the court documents, the legal team for the CEO Daniel Schatt of CRED filed bankruptcy papers for the company in the District of Delaware on November 7.