Two former executives of the bankrupt crypto lending service Cred have pleaded guilty to wire fraud connected to the company’s collapse.
Former Cred CEO Daniel Schatt and chief financial officer Joseph Podulka admitted to wire fraud as part of a plea deal with prosecutors, according to a May 13 text filing in a California District Court.
District Judge William Alsup accepted the plea deals and set a sentencing hearing for Aug. 26. Wire fraud can carry up to 20 years in prison and $250,000 in fines for individuals and $500,00 for businesses.
After accepting the defendant’s guilty plea, Judge William Alsup set a sentencing hearing for August. Source: PACER
Law360 reported that as part of the plea agreement, Schatt and Podulka admitted to selectively presenting positive “information [while] failing to disclose negative news” as part of a plan