Cointelegraph.comCredCred CapitalJames Alexander

Case examiner says Cred platform hired escaped prisoner as CFO

Cred’s former Chief Financial Officer, James Alexander, has been identified by U.K. authorities as a prison escapee who was convicted for financial crimes.
Bankrupt cryptocurrency lending platform Cred Inc is believed to have unwittingly appointed a prison escapee as its Chief Financial Officer.A report filed by examiner Robert Stark of Brown Rudnick LLP on March 8 asserts that former Cred CFO James Alexander has been identified by U.K. authorities as a financial fugitive who had been sentenced to more than three years imprisonment in December 2007. 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.” Stark was appointed by Judge John Dorsey in December to investigate allegations from Cred’s customers that the firm had lost $66 million in less than two years through fraud and incompetence.The report found Cred’s accounting and compliance practices to be “un-systemic, chaotic and, in some instances, nonexistent,” noting a lack of standardized reporting and tracking processes, in addition to blatant comingling of customer and company funds.”By the time Cred filed for bankruptcy, it had not performed a comprehensive financial reconciliation of accounts in almost a year,” he said, adding:”Cred, it seems, excelled at its marketing objectives; but, its failures in the most basic of business functions portended its eventual demise.” Alexander has been at the center of Cred’s bankruptcy proceedings since they were filed in November, with the firm’ …
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