An FTX claims dealer who’s handled Mt Gox, Celsius, and Voyager Digital, has been ordered to repay $1.9 million after he used embezzled funds to put money into crypto and purchase costly jewellery and different luxurious objects.
As reported by the Wall Road Journal, final Thursday a Delaware court docket dominated that Thomas Braziel, who based crypto chapter claims corporations 117 Companions and 507 Capital, had stolen from a receivership fund related to a bankrupt agency known as Fund.com. Braziel was appointed to liquidate its property and distribute them to traders.
Nonetheless, he spent the funds on sustaining an expensive life-style, spending $1 million on resort stays, attire, artwork, and different fineries, together with a sapphire ring and emerald earrings.
Learn extra: FTX property takes one other sufferer 19 months after chapter
Braziel additionally used the funds to put money into crypto, additional chapter claims, high-risk equities, and leveraged loans.
Dealer 117 Companions says it has handled $300 million value of FTX chapter claims and 507 Capital purchased nearly 4,000 bitcoin in Mt. Gox claims for $1 million.
Braziel’s embezzlement investigation started in 2022 after a shareholder accused him of stealing $3 million. He reportedly tried to hide his misuse of funds however ultimately largely conceded to the findings. He has been ordered to pay inside 20 days.
On Thursday, he reportedly posted, “I’m on a wave — I’m very lucky — but I’m not letting go.” This submit nevertheless has apparently been deleted.
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