Jennifer Robertson, the widow of late Quadrigacx chief executive officer Gerry Cotten, has revealed that customer withdrawals were processed using personal funds in a statement published yesterday. The document also indicates that law firm Stewart McKelvey has withdrawn from representing Quadrigacx during the Companies’ Creditors Arrangement Act process due to “potential” conflicts of interest.

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Quadrigacx Withdrawals Processed Using Personal Funds During 2018

The widow of Quadrigacx’s late CEO published a statement on March 13 that provides an update on the legal proceedings surrounding the exchange.

The statement reveals that Gerry Cotten was using personal funds to fulfill customer withdrawals during 2018 while the exchange’s funds held with the Canadian Imperial Bank of Commerce continued to be frozen.

Late Quadrigacx CEO Used Personal Funds to Fulfill Withdrawals

“While I had no direct knowledge of how Gerry operated the business, he told me that he had been putting his own…

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