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The Synapse debacle continues.
Former FDIC Chair Jelena McWilliams is the court-appointed trustee managing the chapter course of. She was appointed on Could 24.
On Friday, the chapter decide held a listening to throughout which the primary report from McWilliams was mentioned. She has been making an attempt 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 stated that Synapse apparently commingled funds amongst a number of establishments, utilizing a number of banks to serve the identical corporations.
What’s worse is that there is no such thing as a one left at Synapse to assist, as all workers had been fired on Could 24. What a multitude.
In the meantime, ?fintech prospects are nonetheless locked out from their funds. McWilliams really useful ?that each one FBO account holders ?obtain a partial cost however there was no settlement on the ?precise path ahead.
If you wish to keep knowledgeable about Synapse, it’s essential observe Jason Mikula’s writings (right here is his newest). We’re nonetheless possible weeks and even months away from an entire decision.
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