Criminal legal action for misappropriation of assets invoked by TradingScreen’s majority shareholders

TradingScreen majority shareholders initiate criminal legal action against Giampiero Grandi, Board Chairman, for misappropriation of corporate assets; expose also numerous breaches of fiduciary duty to the board

Board members and shareholders representing the majority of common shareholders in TradingScreen announced today the initiation of a legal action against TradingScreen Chairman of the Board Giampiero Grandi in response to significant corporate governance breaches occurring since May 2016. Given the seriousness of the offences perpetrated by Grandi, the majority shareholders of TradingScreen have required his immediate suspension from the TradingScreen board and his replacement as an independent board member.

The lawsuit filed with the courts of Geneva, Switzerland on October 6, 2017, describes how Giampiero Grandi fictitiously employed one of his associates in his private businesses for no services rendered to TradingScreen. Job fraud is a clear case of misappropriation of corporate assets and constitutes a criminal offence.

Furthermore, after an investigation commissioned by the majority shareholders, it has also been discovered, among other improper behaviours, that:

Giampiero Grandi systematically concealed his background when securing his current role in the TradingScreen board. As president of American Express France, Grandi was indicted as a responsible party in the “Sentier Case” (“L’affaire du Sentier”), one of the biggest European money laundering scandals of the 90s (*). This failure to disclose critical background information constitutes a breach of duty, which has exposed TradingScreen to undue risks in operating its financially regulated platforms and establishing certain business partnerships.

Through an action opposed by the majority shareholders but supported by TCV, Giampiero Grandi also organised a scheme to allocate to himself and the current CEO, Pierre Schroeder, an unprecedented compensation in cash and stock grants despite a dramatic deterioration of the company’s performance and lack of innovation under their joint leadership. This situation occurred in contravention to the company’s existing compensation rules and precedent practices.

Board Chairman Giampiero Grandi and CEO Pierre Schroeder have destroyed an immense amount of shareholder value as a result of their strategic mistakes, reckless management, and wasteful practices in a company previously known for its creativity, cost management, and success.

Through delayed reporting and other mechanisms, Giampiero Grandi has obstructed numerous shareholders’ requests for information necessary to exercise financial control. This situation created a virtual blackout of the company’s current financial position, representing a clear breach of the company’s information duty to its board members and shareholders.

The majority shareholders feel compelled to communicate this regrettable and damaging situation to all TradingScreen shareholders and employees. This legal action will be the first of many actions to safeguard the company from the further mismanagement of bad actors and to protect the value of all shareholders, employees, and clients alike.

The majority shareholders also urge the board members and Technology Crossover Ventures, Bob Trudeau and Frank Placenti, to act now, exercise their fiduciary responsibility and support the initiative to suspend and remove Giampiero Grandi. This action would help restore the confidence of shareholders by demonstrating that TCV promotes corporate governance best practices and its intention to revert the recent lack of oversight, which, for the last year, has been detrimental to all TradingScreen stakeholders, including clients, employees, shareholders, and even TCV itself.

We appreciate the continued support as we act in the best interest of TradingScreen stakeholders.

Read this next

Uncategorized

US and South Korea seek extradition of Luna founder Do Kwon

Both US and South Korean officials are seeking to extradite Terraform Labs CEO Do Kwon, just hours after he was arrested in Montenegro.

Retail FX

Pepperstone UK doubles profit, client assets in 2022

The London-based entity of Australian FX broker Pepperstone has reported its financials for the fiscal year ending June 30, 2022. The group had outperformed the last year’s flat performance, having doubled revenues and boosted the broker’s bottom line and shareholders’ fortunes.

Institutional FX

CLS FX volume rises to just shy of $2 trillion in February

Foreign exchange settlement provider, CLS Group saw strong volumes in February 2023 as the banking crisis continues to weigh on a world economy that’s yet to fully recover from the Russia-Ukraine war’s shocks.

Digital Assets

Binance restores trading after 2-hour outage

Binance suffered a breakdown on its trading engine that lasted for about two hours, but the premier cryptocurrency exchange finally managed to restore normal operations at around 14:00 UTC.

Digital Assets

Tether earns $700 million in Q1, taking excess reserves to $1.6 billion

Tether chief technology officer Paolo Ardoino said the world’s largest stablecoin issuer expects to earn more than $700 million in the January-Mach quarter, which will be added to the reserve backing its stablecoin (USDT).

Digital Assets

Narwhal Finance Secures $1M in Seed Funding Led by Animoca Ventures

Narwhal Finance received strong support from Animoca Ventures and angel investors in a $1 million seed funding round, reinforcing the company’s vision of providing an accessible platform to all.

Technology

SteelEye tries ChatGPT for market surveillance

This capability can be used as a starting point for initiating a surveillance investigation and to standardize workflow processes to boost the throughput and consistency of cases. It is also useful when analyzing communications in foreign languages, as the system returns the above insights in English regardless of the languages being used.

Industry News

SEC charges ex-Morgan Stanley advisor of NBA players after $13m fraud

Darryl Matthew Cohen was arrested this week and is facing three different federal counts of fraud, which could amount to 20 years in prison if convicted, besides the SEC complaint. 

Industry News

AWS FinTech Africa Accelerator launched, applications until April 27, 2023

Founders will be offered tech resources, expert guidance, and a global network of industry leaders, technologists, entrepreneurs, investors, associations, and partners, in order to build their fintech products. 

<