Scoop: More Genesis creditors say they were duped
One creditor who pulled his funds from Genesis says he was lured back by emails from salespeople and incorrect monthly balance sheets.
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Show Notes
A second group of Genesis creditors says they were misled by the lender into thinking that their money would be safe, and are now out hundreds of millions of dollars. The group is made up of individuals who were direct clients of Genesis, rather than investors who came in through Gemini or another intermediary.
At least one member of the group pulled all of his money out of Genesis in late spring, following news that the lender had significant losses tied to Three Arrows Capital (3AC), the multi-billion-dollar hedge fund that went bankrupt in May.
However, the creditor, who declined to give his name because he is still in active negotiations with Genesis, ended up putting more than $10 million back into the company in the second half of last year.
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