Late CEO of Quadrigacx Utilized Personal Funds to Achieve Withdrawals

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The widow of the late Quadrigacx chief executive Gerry Cotten named Jennifer Robertson has uncovered that the customer withdrawals were processed utilizing personal funds in a statement that was published on 13th of March 2019. The document also states that the law firm Stewart McKelvey has also withdrawn from the representing Quadrigacx during the process of the Companies’ Creditors Arrangement Act as a result of the potential conflicts of interest.

The statement reveals that Gerry Cotten has been utilizing personal funds to achieve the customer withdrawals during 2018 while the exchange’s funds held with the Canadian Imperial Bank of Commerce continued to be frozen. Robertson states that post Gerry Cotten’s death, she has arranged for the Companies’ Creditors Arrangement Act (CCAA) process to begin by offering the initial funding and agreeing to act as a director of Quadrigacx.

Robertson has confessed that she had no direct knowledge of how his husband used to operate the business but Gerry has disclosed that he had been putting his own money back into Quadrigacx to fund the user withdrawals in 2018 while the CIBC money remained frozen. The document also reveals that Robertson has been advised by Stewart McKelvey that during the CCAA process, the law firm has withdrawn from representing Quadrigacx in the light of the concerns regarding a potential conflict of interest. Furthermore, Robertson stated that she intended to continue to support the process and ensure a fair and equitable resolution is obtained.

As requested by the legal firm representing the users of QuadrigaCX that had reported missing funds, Cox & Palmer, Robertson should not be entitled to the requested repayment until Ernst & Young provide information on Cotten’s estate regarding transactions and all assets.

Still, Robertson concluded the most recent statement published almost two months after the death of QuadrigaCX CEO, that she is to remain involved in the process of retrieving and locating the missing assets involved in the scandal, also adding that she is cooperating with CCAA and the court monitor in order to come to the bottom of the case as soon as possible.

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