The FT’s Arash Massoudi, Gregory Meyer and Jamie Smyth report InTrade founder John Delaney failed to adequately report $2.6 million he received from the company, citing documents the company recently filed.
Yesterday InTrade announced it was suspending all operations.
Auditors flagged “significant financial irregularities” in payments made to Delaney, who died on Mount Everest in 2011, the FT says.
The documents also show Paul Tudor Jones and Stanley Druckenmiller were shareholders in the company as late as 2011 — as was a trust connected to Christopher Hehmeyer, the current chairman of the National Futures Association.
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