Tuesday, March 12, 2013

Shutdown of Intrade Linked to Dead Founder

Intrade’s founder, John Delaney, died in 2011 as he tried to reach the summit of Mount Everest.

Since the death the company’s auditors have raised concerns over more than $1.5 million payments that had been made to Delaney and other unnamed third parties.

There were “significant financial irregularities in the internal accounts,” Intrade’s outside accountants said in a recent report to Irish authorities. “Insufficient documentation was available regarding payments made into bank accounts controlled by Mr. Delaney and other third parties.”

Dead men tell no tales, but they are also not around to monkey with the books to hide financial shenanigans from accountants.

The company’s current executives are not connected to the potential irregularities, the auditors have added.

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