Former employees of Neo & Bee, George Papageorgiou, the ex- COO, and Øystein Aaby, the ex- Compliance and Risk Management Officer, took to reddit to give their take on the company. They felt that after Danny Brewster, the CEO of Neo & Bee, made a new statement regarding himself and the company, that it was prudent for them to clarify the matter. They wrote that it was
“appropriate and justified to make the following statement regarding the mistruths and outright lies being fed to investors, creditors and the public.”
The reason why they hadn’t commented earlier was because they thought that the company could survive. But after Brewster’s statement, the former employees knew it was time to break their silence.
Former Employees of Neo & Bee Break Their Silence
The former employees wrote that the senior management team of Neo & Bee was devoted to making the company successful and regret their inability to fix the current situation. As per the reddit post, the former employees have written that they were misled and the truth was hidden from them. This allowed the CEO to “rampant, without accountability and with full control of all the bitcoins, until it was too late.”
It was written on reddit that Danny Brewster was the only Director, CEO, and shareholder of Neo & Bee. According to the company’s senior management, Brewster was the only one who was in charge of raising around 9,400 bitcoins before hiring employees. The former employees said that before they started their jobs, they asked for “transparency of bitcoins in the company’s possession so that the CFO could perform his duties.” However, this information was never given by Danny Brewster. The former employees claim that
“To this date, and unless further information is revealed by Danny Brewster, the CFO is unable to account for the majority of bitcoins allegedly expended.”
The CFO and Risk Management Officer of Neo & Bee had repeatedly asked Brewster for the IPVO information, however, Brewster “delayed any attempts” to have the bitcoins accounted for. This had caused the employees much concern.
Untruths of Danny Brewster as per Former Employees’ Post
Continuing, the former employees wrote that on March 18th, Brewster told a member of the management team that Neo& Bee had 5,000 bitcoins left. However, the next day, March 19th Brewster told the senior management team that the company only had 140 bitcoins left.
“Mr. Brewster proceeded to give a very rough and incoherent breakdown of where the funds had been spent. After revealing the lack of funds to his employees he went on to raise the possibility of selling more ‘profit shares’ to increase liquidity. All employees sternly objected to this and the idea has since not been raised since.”
Brewster also said that he had mis-accounted the 5,000 bitcoins that he thought he owned but after he checked a wallet he realized that they were all spent. Adding on to this, Brewster claimed that around 1,400 to 1,700 of Neo& Bee’s bitcoins were lost on Bitfunder/We-exchange. He also said that the company lost no Bitcoins in Mt.Gox, but the management team was told that they had lost 2,480 bitcoins in Mt.Gox.
The former employees also believe that Brewster was trading bitcoins on Bitstamp and “every other major exchange.” When Brewster was asked about the bitcoins he was trading, he would say that they were his personal ones. His conflicting statements, however, show that Brewster didn’t separate his funds from the company’s.
Brewster went back to the Neo & Bee office on the 20th and 21st of March, and it was made clear to Brewster that the management team wished for him to be removed from CEO. Brewster agreed to do so after he could transfer the control to investors. The former employees wrote,
“He claimed he was flying to the UK to speak with investors the following week. After leaving on Monday the 24th, no one was able to get in contact with him until the 28th when he wrote to us that due to threats against his daughter’s life he should remain silent, and in England (despite his daughter being in Cyprus).”
The employees mentioned this threat to the Cyprus authorities, but they said it was the first time they heard that complaint.
Contrary to what Brewster claimed, he still has the company’s 140 bitcoins. According to the post, Danny Brewster also has the personal bitcoins of two employees that add up to around 50 bitcoins, and also other people’s bitcoins. The former employees conclude that they will remain in contact with the police and the community in order to fix the situation completely. They wrote,
“This was the doing of one person in full control of a business’ funds, not technology and certainly not Bitcoin’s.”
With this, the former employees have made their side of the Neo & Bee story known to everyone.
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Image courtesy Neo & Bee.