Department of Justice: Former CEO and CFO of Crypto Lending Firm Cred LLC Sentenced to Prison for Wire Fraud Conspiracy
2025-08-30 06:03:34
The Department of Justice announced that Daniel Schatt, the former CEO of cryptocurrency lender Cred LLC, and Joseph Podulka, the CFO, were sentenced to 52 months and 36 months in federal prison, respectively, for wire fraud conspiracy. The sentence was handed down by Senior U.S. District Judge William Alsup. Cred, a San Francisco-based company that provides financial services to cryptocurrency and other asset holders, is understood to have conspired to provide an incomplete, unreasonably positive, and misleading account of Cred's business, while failing to disclose negative material information about business challenges and risks to clients.
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