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Crypto Bank Ex-CEO Sued for Scuttling Alpha Global Rescue Buyout

June 17, 2020, 6:40 PM

The founder of Noble Talents LLC, which ran the cryptocurrency-focused Noble Bank, was hit with a Delaware lawsuit claiming he had self-dealing reasons for scuttling a $10 million buyout that would have saved the business after he ran it into the ground.

The Chancery Court complaint, made public Wednesday, targets Noble ex-CEO John Betts, a former Goldman Sachs vice president who has majority voting control over the company and its defunct crypto-banking subsidiary, which is based in Puerto Rico.

It accuses Betts of exploiting Noble’s “quick success” for personal gain starting in 2017, “when it held deposits of approximately $2 ...