Trust company sues individual trader for misappropriating $ 2 million in encrypted trading funds

According to Cointelegraph, a trust company sued individual trader Brock Flagstad, accusing him of misappropriating more than $ 2 million in funds allegedly used for cryptocurrency transactions. Although Flagstad raised these funds for the purpose of digital asset transactions, the trust fund James Streibich Revocable Trust accused Flagstad of withdrawing funds from investments for luxury consumption such as buying private jets and luxury cars. The accusation was directed against the individual Flagstad, as well as seven companies operating under his name, alleging fraud, theft, collusion, breach of contract and breach of fiduciary duty.