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Cred Executives Plead Guilty to Misleading Customers in Major Crypto Scandal

By: en coinotag|2025/05/14 18:00:14
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COINOTAG News , May 14th – In a significant development in the cryptocurrency sector, Daniel Schatt, the ex-CEO of the failed lending platform Cred, alongside former CFO Joseph Podulka, has accepted guilty pleas in a California District Court. The duo acknowledged that they deliberately misled customers regarding the financial stability of Cred during 2020, which directly contributed to losses of approximately $150 million in various cryptocurrencies. Judge William Alsup has endorsed their plea agreement, leading to a sentencing hearing on August 26th . Schatt may face up to 72 months in prison, while Podulka could receive a sentence of 62 months . Cred sought bankruptcy protection in October 2020, facing over 6,000 claims from customers, amounting to more than $140 million . This case highlights the importance of regulatory compliance in the rapidly evolving crypto landscape.

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