InTrade Gave Founder $2.6M

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Updated Apr. 21, 2017 11:57AM EDT / Published Mar. 11, 2013 8:15PM EDT

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Details behind the abrupt shuttering of betting company InTrade are seeping out. Apparently an audit concerned with “significant financial irregularities” revealed the site’s founder had received $2.6 million in payments that weren’t thoroughly documented in 2010 and 2011. The company, which allows bets to be placed on events from presidential elections to the papacy, posted a note Sunday saying it was suspending all trading and freezing customer accounts. Its founder, John Delany, died in 2011 on Mount Everest.

Read it at The Financial Times

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InTrade Gave Founder $2.6M

intrade.com