‘Anti-Woke’ Banking Startup Founder Sued by Bankruptcy Estate

The founder of “anti-woke” financial services startup GloriFi is being sued by an agent of the company’s bankrupt estate on allegations of self-dealing, misrepresenting facts to investors, and creating a cash crisis to benefit himself.

Texas oil and gas investor Toby Neugebauer is accused of trying to exact singular control of GloriFi, ignoring corporate governance and fiduciary obligations, and intentionally creating a cash and time crunch to push investors into approving deals that favored him and his family, according to a complaint filed Feb. 7 in the US Bankruptcy Court for the Northern District of Texas.

His actions hampered GloriFi’s ...