The Synapse debacle continues.
Former FDIC Chair Jelena McWilliams is the court-appointed trustee managing the chapter course of. She was appointed on Might 24.
On Friday, the chapter choose held a listening to throughout which the primary report from McWilliams was mentioned. She has been attempting to reconcile the lacking funds, and it seems that there’s an $85 million shortfall.
That is the primary try and get an unbiased willpower of the size of lacking funds.
McWilliams mentioned that Synapse apparently commingled funds amongst a number of establishments, utilizing a number of banks to serve the identical firms.
What’s worse is that there isn’t any one left at Synapse to assist, as all staff have been fired on Might 24. What a multitude.
In the meantime, ?fintech clients are nonetheless locked out from their funds. McWilliams beneficial ?that every one FBO account holders ?obtain a partial fee however there was no settlement on the ?actual path ahead.
If you wish to keep knowledgeable about Synapse, you should observe Jason Mikula’s writings (right here is his newest). We’re nonetheless seemingly weeks and even months away from an entire decision.
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