{"id":13229,"date":"2024-05-05T15:56:17","date_gmt":"2024-05-05T12:56:17","guid":{"rendered":"https:\/\/forklog.com\/en\/cred-executives-charged-with-783-million-fraud\/"},"modified":"2024-05-05T15:56:17","modified_gmt":"2024-05-05T12:56:17","slug":"cred-executives-charged-with-783-million-fraud","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/cred-executives-charged-with-783-million-fraud\/","title":{"rendered":"Cred Executives Charged with $783 Million Fraud"},"content":{"rendered":"<p>The Northern District of California&#8217;s prosecutor <a href=\"https:\/\/www.justice.gov\/usao-ndca\/pr\/former-ceo-cfo-and-cco-cred-llc-charged-alleged-multi-million-dollar-cryptocurrency\">has charged<\/a> three former top executives of the crypto lending platform Cred with conspiracy to commit money laundering and fraud amounting to $783 million.<\/p>\n<p>According to court documents, Daniel Schatt was a co-owner and CEO of the firm, Joseph Podulka served as the Chief Financial Officer, and James Alexander was the Chief Commercial Officer.<\/p>\n<p>Founded by another individual in 2018, Cred provided loans in US dollars secured by cryptocurrency and accepted deposits in digital assets with promises of returns.<\/p>\n<p>The indictment alleges that by March 2020, the defendants began deceiving clients by providing false information about the company&#8217;s lending and investment practices. Despite the company&#8217;s collapse, the accused assured victims of its solvency.<\/p>\n<p>Schatt and Podulka appeared in court on May 2, 2024. The next hearing is scheduled for May 8. A court date for Alexander has not yet been set.<\/p>\n<p>In October 2020, Cred reported a loss of funds due to fraud.<\/p>\n<p>In November, the platform initiated bankruptcy proceedings. That same month, a US court denied creditors&#8217; request to freeze Cred&#8217;s assets.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Northern District of California&#8217;s prosecutor has charged three former top executives of the crypto lending platform Cred with conspiracy to commit money laundering and fraud amounting to $783 million. According to court documents, Daniel Schatt was a co-owner and CEO of the firm, Joseph Podulka served as the Chief Financial Officer, and James Alexander [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13228,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1541,1154,1097,1246],"class_list":["post-13229","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cred","tag-crimes","tag-lending","tag-scammers"],"aioseo_notices":[],"amp_enabled":true,"views":"47","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/13229","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=13229"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/13229\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/13228"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=13229"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=13229"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=13229"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}