Daniel Schatt and Joseph Podulka, former executives of Cred LLC, received prison sentences for conspiracy related to wire fraud. Schatt was sentenced to 52 months, while Podulka received 36 months in prison, along with fines and supervised release.
Cred filed for bankruptcy in November 2020. Over 6,000 claims were submitted, totaling more than 140 million USD, with further restitution hearings planned regarding the bankruptcy claims.
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