Quantuma

[europia]

On 23/02/2024 at 22:36, Comrade 86 said:

How were they to know that the funds he proofed were embezzled though? He met the evidential burden of proof and also provided proof that he'd transferred the cash, which we now know he did. Had he not put the money he stole in Bitcoin in order to try and make his ill-gotten gains harder to retrieve, the deal might actually have closed. Worth recalling that he took Goldman Sachs for $24 million too and they would have had a far deeper dive into the Slync.io accounts and Kirschner's good standing than the EFL and Quantuma ever would have. 

Many would consider Quantuma's glaring incompetence to be indefensible. However, I appreciate that not everyone necessarily feels that way. 

[Carl Sagan]

On 23/02/2024 at 19:24, Ian Buxton's Bat said:

Our Kieran is a bit behind on this - isn't he?

The Kirch has already faced charges and has been convicted?

I even updated Wikipedia to that effect after it happened. You'd think Maguire might have at least looked there!

[sage]

On 24/02/2024 at 04:36, Comrade 86 said:

How were they to know that the funds he proofed were embezzled though? He met the evidential burden of proof and also provided proof that he'd transferred the cash, which we now know he did. Had he not put the money he stole in Bitcoin in order to try and make his ill-gotten gains harder to retrieve, the deal might actually have closed. Worth recalling that he took Goldman Sachs for $24 million too and they would have had a far deeper dive into the Slync.io accounts and Kirschner's good standing than the EFL and Quantuma ever would have. 

It was obvious he didn't have the money and a few of us got pelters for saying so.

You only had to look at the size and turnover of his company.

[MadAmster]

He gets sentenced in June and could get as much as 170 years jail time if the various sentences are to be served consecutively rather than concurrently.

What I don't understand is Comrade 86 saying he DID have the money and DID transfer the funds and then, in a reply to C86, Sage says he didn't have the money.

Which of the two is correct?

[Gee SCREAMER !!]

1 minute ago, MadAmster said:

He gets sentenced in June and could get as much as 170 years jail time if the various sentences are to be served consecutively rather than concurrently.

What I don't understand is Comrade 86 saying he DID have the money and DID transfer the funds and then, in a reply to C86, Sage says he didn't have the money.

Which of the two is correct?

I suspect he did, I also suspect it wasn't his.😊

[Ghost of Clough]

4 minutes ago, MadAmster said:

He gets sentenced in June and could get as much as 170 years jail time if the various sentences are to be served consecutively rather than concurrently.

What I don't understand is Comrade 86 saying he DID have the money and DID transfer the funds and then, in a reply to C86, Sage says he didn't have the money.

Which of the two is correct?

He did have money but it wasn't his money. Hence why he could prove the Quantuma and the EFL that he could afford to buy and run us, but the transfer got stopped when he tried to send the money over.

[duncanjwitham]

[Elwood P Dowd]

3 minutes ago, Ghost of Clough said:

He did have money but it wasn't his money. Hence why he could prove the Quantuma and the EFL that he could afford to buy and run us, but the transfer got stopped when he tried to send the money over.

 

He did wire some money but into his own checking account, the link below doesn't mention Derby at all, I would imagine that he didn't wire the money for the Derby purchase as it would have been included in the indictment. The link below doesn't deal with the full detail. 

https://www.justice.gov/usao-ndtx/pr/jury-convicts-slync-founder

Mr. Kirchner wired $20 million directly from Slync’s Silicon Valley Bank account into his personal checking account.  He used some of those funds to buy a $16 million private jet and to secure a luxury suite at the stadium of a Dallas-area professional sports team.

[sage]

He didn't have the money. He shifted company funds around so temporarily he had the money showing in his account but it wasn't his.

 

[8Leeds]

As dodgy as a pair of Ray-Bans purchased on a Turkish beach

[InstaRam]

I wonder why he did all this? 

[Comrade 86]

5 hours ago, sage said:

He didn't have the money. He shifted company funds around so temporarily he had the money showing in his account but it wasn't his.

 

So he did have the money temporarily then, which is precisely the point that's been made. In actual fact, it wasn't even temporary, as we now know none of it was returned. The guy embezzled the money, used it to meet the burden of proof in terms of his financial wherewithal and was able to provide bank transfer information that both Quantuma AND the EFL ratified, with both confirming as much. As we now know, only anti-money laundering checks prevented the transfer completing and it was only at that point, where everything unravelled.

From the US Attorney's Office Report:

According to the indictment, Mr. Kirchner – who served as Slync’s CEO from 2017 until 2022, when he was terminated by the Board of Directors due to allegations of misconduct – allegedly converted at least $25 million in investor money to his own personal use.

Records indicate that Slync raised roughly $7 million in its Series A investment round and roughly $50 million in its Series B investment round. All investor funds, which were supposed to be used for “product development and other general corporate purposes,” were wired into the company’s account at Silicon Valley Bank.

Mr. Kirchner allegedly misappropriated the investor funds in various ways: Between April 2020 and March 2022, Mr. Kirchner allegedly initiated nearly 100 wire transfers moving money from Slync’s Silicon Valley Bank account into the company’s account at JPMorgan Chase Bank – an account only he had access to. He then allegedly wired much of the money from the Chase account to his personal bank accounts.  

https://www.justice.gov/usao-ndtx/pr/slync-founder-chris-kirchner-indicted

[YouRams]

4 hours ago, 8Leeds said:

As dodgy as a pair of Ray-Bans purchased on a Turkish beach

100% genuine chicken nugget 

[Returning ram]

40 minutes ago, InstaRam said:

I wonder why he did all this? 

To fund his lifestyle.

What he expected to get from purchasing a football club though is strange, but then why buy a private jet ? None of it makes sense.

For me Quantum couldn't be held accountable in the first instance, those saying they knew from the beginning should work in an FI, they'd make a fortune 🤨

The reality is though, it was the time delay that Quantum should have acted on, however I guess they were is so deep they just kept hoping the funds would appear. 

[sage]

5 hours ago, Comrade 86 said:

So he did have the money temporarily then, which is precisely the point that's been made. In actual fact, it wasn't even temporary, as we now know none of it was returned. The guy embezzled the money, used it to meet the burden of proof in terms of his financial wherewithal and was able to provide bank transfer information that both Quantuma AND the EFL ratified, with both confirming as much. As we now know, only anti-money laundering checks prevented the transfer completing and it was only at that point, where everything unravelled.

From the US Attorney's Office Report:

According to the indictment, Mr. Kirchner – who served as Slync’s CEO from 2017 until 2022, when he was terminated by the Board of Directors due to allegations of misconduct – allegedly converted at least $25 million in investor money to his own personal use.

Records indicate that Slync raised roughly $7 million in its Series A investment round and roughly $50 million in its Series B investment round. All investor funds, which were supposed to be used for “product development and other general corporate purposes,” were wired into the company’s account at Silicon Valley Bank.

Mr. Kirchner allegedly misappropriated the investor funds in various ways: Between April 2020 and March 2022, Mr. Kirchner allegedly initiated nearly 100 wire transfers moving money from Slync’s Silicon Valley Bank account into the company’s account at JPMorgan Chase Bank – an account only he had access to. He then allegedly wired much of the money from the Chase account to his personal bank accounts.  

https://www.justice.gov/usao-ndtx/pr/slync-founder-chris-kirchner-indicted

It depends what you mean by did 'he had the money'.

In international business terms he didn't, because there was no evidence of how he obtained it.

 

[8Leeds]

7 hours ago, YouRams said:

100% genuine chicken nugget 

[sage]

On 24/02/2024 at 04:36, Comrade 86 said:

How were they to know that the funds he proofed were embezzled though? He met the evidential burden of proof and also provided proof that he'd transferred the cash, which we now know he did. Had he not put the money he stole in Bitcoin in order to try and make his ill-gotten gains harder to retrieve, the deal might actually have closed. Worth recalling that he took Goldman Sachs for $24 million too and they would have had a far deeper dive into the Slync.io accounts and Kirschner's good standing than the EFL and Quantuma ever would have. 

Goldman Sachs invested in his company before any wrongdoing.

If you buy a house in England you have to show some proof of how you obtained the money.

It was glaringly obvious he was dodgy.

 

[Returning ram]

1 hour ago, sage said:

Goldman Sachs invested in his company before any wrongdoing.

If you buy a house in England you have to show some proof of how you obtained the money.

It was glaringly obvious he was dodgy.

 

Source of funds, you have to do that for opening a bank account, hence why it's difficult to turn large profits from crypto into fiat currency.

However, his audit trail will have been robust as he already has the funds in a bank account from his own company. 
 

The red flags that I can see were only that the money didn't arrive, with money in his account, an audit trail for SOF, what was glaringly obvious ?

[sage]

29 minutes ago, Returning ram said:

Source of funds, you have to do that for opening a bank account, hence why it's difficult to turn large profits from crypto into fiat currency.

However, his audit trail will have been robust as he already has the funds in a bank account from his own company. 
 

The red flags that I can see were only that the money didn't arrive, with money in his account, an audit trail for SOF, what was glaringly obvious ?

How did he make that money with a company with such a small turnover.

He got those funds from Goldman Sachs as an investment in his company. He blindsided the financial director and moved the company money into his own account.

That was never going to work in the long term. I fail to see how he thought he would ever get away with it.

[MadAmster]

3 minutes ago, sage said:

How did he make that money with a company with such a small turnover.

He got those funds from Goldman Sachs as an investment in his company. He blindsided the financial director and moved the company money into his own account.

That was never going to work in the long term. I fail to see how he thought he would ever get away with it.

That's what I've thought about it too. Did he simply not look forward? Did he think he'd never get caught? Did he think a year, maybe 2, of a life of luxury "Walter Mitty" life would compensate for spending the rest of his life behind bars? We'll never know.