A financial technology company nearly wiped out by the failure of Synapse Technologies Inc. says Evolve Bancorp Inc. used its customer funds to cover a shortfall of money owed to customers of another fintech and to pay unrelated fees.
Yotta Technologies Inc. said in a complaint Friday in the US District Court for the Northern District of California that Evolve didn’t properly track customer funds that Yotta deposited into a for-benefit-of account. And when shortfalls at accounts maintained by another fintech emerged, Evolve and Synapse simply used Yotta customer funds to make the other company’s customers whole, the complaint says. ...
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