Ex-Cred Executives Admit to $150 Million Crypto Fraud
- Daniel Schatt and Joseph Podulka, former executives of Cred Inc., pleaded guilty to wire fraud conspiracy.
- The firm collapsed after Bitcoin’s 40% crash and a $40 million loan default by MoKredit.
- Cred filed for bankruptcy in October 2020, with over 6,000 claims totaling more than $140 million.
- Schatt and Podulka face potential prison sentences of up to 72 months and 62 months, respectively.
Daniel Schatt and Joseph Podulka admitted in court to misleading customers about Cred’s financial health, contributing to a loss of up to $150 million in crypto assets. They face significant prison terms following their guilty pleas.
Source (2.6)https://decrypt.co/319638/ex-cred-executives-plead-guilty-to-150m-crypto-fraud-scheme?rand=52368
