The former CEO of ACCE Australia, Grant Colthup, has been charged with fraud after allegedly embezzling $1.47 million (2.2 million Australian dollars) from a customer. The incident dates back to July 2022 when the customer paid the company $1.5 million to buy Bitcoin but never received the cryptocurrency.
Instead, Colthup allegedly used the funds to cover the financial liabilities of ACCE and purchase cryptocurrency for other clients. This case has been adjourned and will be prosecuted by the Office of the Director of Public Prosecutions. ACCE’s collapse in September 2022 left creditors scrambling to recover approximately $16 million in owed funds.
Source
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