Loading ...https://www.vanityfair.com/news/2019/11/the-strange-tale-of-quadriga-gerald-cotten
PONZI SCHEMES, PRIVATE YACHTS, AND A MISSING $250 MILLION IN CRYPTO: THE STRANGE TALE OF QUADRIGA
Under the Mastermind Theory, Cotten ran Quadriga much as he had S&S Investments and its successors, honoring enough withdrawal requests to maintain credibility. The plan, from the beginning, would be to keep the con going as long as possible before vanishing with the money. After Bitcoin collapsed—and the withdrawal complaints turned into lawsuits, negative press, and the threat of a formal investigation—Cotten got married, wrote a will, flew to India for his “honeymoon,” and disappeared.
If the Mastermind Theory seems far-fetched, it’s worth pointing out that an exit scam can only succeed if it seems far-fetched. Cotten built his career on the insight that most people are willing to believe most of what they are told most of the time. Gerry the Mastermind would count on the world believing he was reckless, greedy, and dead. He would count on most people to forget all about him. Most people, a year after his death, already have.
In October, Robertson signed a settlement in the Quadriga bankruptcy case, agreeing to forfeit approximately C$12 million of assets to the creditor class. In a statement released by her lawyer, she said she had no knowledge of Cotten’s “improper” business practices and “was upset and disappointed” when she learned of them through the investigation. She expressed a desire to “move on with the next chapter of my life.” She may have to change her name one more time in order to do so.
If Gerry the Mastermind is alive, what is he doing? He would have new names and passports, perhaps a new face. He might still be collaborating with Patryn, or Patryn might be trying to track him down in a final act of Con vs. Con. Cotten may be hoping Robertson will join him once all the investigations have concluded, or she may be just another one of his victims. He might be living on a private island, or in Hong Kong, Thailand, or Monaco, traveling by yacht and helicopter and private jet. He might even be eating cheeseburgers and drinking beer. Gerry the Mastermind might think he will get away with it. And he will—as long as everyone else believes he hasn’t.