According to Mars Finance News, on May 14, Daniel Schatt, the former CEO, and Joseph Podulka, the former CFO of the bankrupt crypto lending service platform Cred, pleaded guilty in the California District Court. They admitted to intentionally misleading customers about the company's financial condition and loan business in 2020, causing customers to lose up to $150 million in cryptocurrency. Judge William Alsup accepted the plea agreement and scheduled a sentencing hearing for August 26, with the two potentially facing up to 72 and 62 months in prison, respectively. Cred filed for bankruptcy in October 2020, with customers filing over 6,000 claims valued at more than $140 million.
Former Cred executive pleads guilty to $150 million crypto fraud
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