Quote from: Bogart on October 06, 2012, 08:26:56 AM

Quote from: repentance on October 06, 2012, 04:25:09 AM

Quote from: theymos on October 06, 2012, 01:27:05 AM

He didn't inform me. He illegally spent GLBSE user deposits with the expectation that he would replace this money from the BitcoinGlobal treasury later. Which he's unfortunately correct about -- I can't withhold the money from him when this means that there won't be enough money for GLBSE users.

But GLBSE doesn't have a lot of money (only about 600 BTC IIRC). If he continues paying for stuff, this money will run out.

Could you clarify this a bit please theymos. How did he have access to the user deposits? If he was "borrowing" them without authorisation, that's straight up embezzlement regardless of whether he intended to return them at a later time. When did the shareholders become aware that he was spending user deposits and how did you become aware of his intention to replace them with money from BitcoinGlobal? I'm confused about whether the shareholders effectively authorised him taking a "loan" from the business post hoc by agreeing that he would pay back the misappropriated funds from BG money.

I hate to say it, but if you send Nefario user funds knowing full well that he has already misappropriated funds, you're laying yourself wide open to liability. His access to funds needs to be blocked and a way of returning user deposits worked out which doesn't involve Nefario.

Theymos, as treasurer, shouldn't you be the one to disperse the funds to their rightful owners? Why would you be sending the funds to Nefario in the first place, even if you had no knowledge of his treachery?

Theymos is selling his shares so he was told to send the coins to ColdHardMetal. Nefario was also going to send the coins. So neither theymos or nefario would actually control any coins.