MJP –
A Georgia RICO case has added Citadel to a list of defendants accused of IP theft and defamation.
Defendants accused of conspiring against the pro-American financial services company With Purpose, Inc. (also known as GloriFi) have been named in a joint prosecution agreement that is pending court approval. The agreement includes the Chapter 7 Bankruptcy Trustee, secured creditors, and former CEO Toby Neugebauer.
As part of the Chapter 7 bankruptcy proceedings, the Trustee has moved the court to approve the plan. This comes after a lawsuit was filed in the U.S. District Court for the Northern District of Georgia by WPI Collateral Management, LLC, which is representing GloriFi’s secured creditors.
Citadel, LLC, Vivek Ramaswamy, Joe Lonsdale, Nick Ayers, Rick Jackson, Keri Findley, and other notable individuals are accused of conspiring to take control of GloriFi for their benefit, as detailed in the 140-page complaint, which also accuses them of intellectual property theft and defamation.
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The lawsuit asserts that the defendants engaged in a “blitzkrieg” operation to make the company ‘uninvestable’ for all parties except themselves, all the while establishing or funding other businesses.
It also explains what happened in 2022 that led to GloriFi going out of business.
GlorieFi was poised for extraordinary success on par with the nation’s leading companies, according to the company’s statement, which acknowledged the company’s promising future.
In the three days following its social media debut announcement, GloriFi gained 33,000 subscribers, with 5,000 of them establishing accounts for financial services.
A crucial blow to the corporation was allegedly arranged by the defendants within 72 hours, according to the lawsuit.
The Nasdaq-listed company DHC Acquisition Corp had a merger agreement with GloriFi that valued the company at $1.65 billion when it closed.
The employee-owners are eagerly anticipating their day in court, according to Neugebauer, “where they can share their experiences—what they built at GloriFi and how the defendants, who benefit most from America, allegedly brought down the company that aimed to secure their rightful share of success.”
The tale is still unfolding, but the release was published on July 22.
