Distressed crypto investor ordered to repay $1.9mn taken from failed company

Thomas Braziel invested some funds but also spent on jewellery, luxury hotel stays and ‘other fineries’, court finds

A high-profile crypto investor has been ordered by a Delaware court to pay back nearly $2mn he was found to have looted from a failed company he was appointed to oversee. The decision on Thursday largely confirmed a court-appointed investigator’s conclusion that Thomas Braziel had appropriated funds from a listed company known as Fund.com, which were used to invest in “bankruptcy claims, cryptocurrency, leveraged loans, and high-risk equities”, as well as a Bermuda hotelier.

In May, FTX said account holders would receive 118 cents on the dollar for their claims, a coup for crypto investors devastated by the company’s collapse more than a year earlier. Even before FTX agreed to pay back creditors so much, Braziel had positioned himself to broker millions of dollars worth of those claims: 117 Partners said on its website that it has brokered more than $300mn in FTX claims.

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