Cyprus Mail

Staff gave Neo & Bee CEO deadline to return, post claims

By Staff Reporter

TWO people claiming to be former executives of Neo & Bee have slammed the company’s head honcho Danny Brewster, accusing him of taking off with company money.

In a damning joint statement posted on reddit, Neo’s former COO George Papageorgiou and former Compliance and Risk Management Officer Øystein Aaby set to put the record straight.

The two explained their reasons for not speaking up earlier: “In the interests of preserving the potential that the company can be turned around, we had remained silent on the matter up to this point.”

“We were misled and the truth was obfuscated from us under so many layers, that combined with our workload, proved enough to allow the CEO to run rampant, without accountability and with full control of all the bitcoins, until it was too late,” the statement reads.

Their full post can be found here:

Initially responsible for raising 9,400 bitcoins, Brewster told a manager on his team they were down to 5,000 bitcoins on March 18. The very next day, Brewster informed the management team they were down to 140 bitcoins at a meeting.

“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.”

“In defence of the sudden announcement on the 19th of March that the company only had 140 bitcoins remaining, Mr. Brewster stated in front of the same people that he had mis-accounted for 5,000 of his own bitcoins, bitcoins he thought he owned but after ‘checking’ a wallet, realised had actually spent them all.”

The staff subsequently moved to remove Brewster from his position as CEO on March 20. This is what happened next, according to the two company execs’ account:

“Mr. Brewster came to the office for one hour on Thursday the 20th and one hour on Friday the 21st. On Thursday the 20th it was made very clear to him that the whole of the management team wished Danny to be removed as the CEO. Danny agreed to step down after transferring control of the company to investors. 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 supposed threat email is dated 26th of March, while Mr. Brewster has been out of contact long before that. We mentioned this claimed threat to the local authorities here on the 28th as well, since any potential threat of any form should not be taken lightly. They said that this was the first time they heard of it, from us.”

According to the two execs, on March 31 staff sent Brewster a letter demanding that he return from abroad and explain his absence, giving him a deadline on April 2.

On the morning of April 2, a person claiming to be Brewster posted on reddit, denying allegations of wrongdoing and alleging that his family was threatened.

Brewster meanwhile is wanted by Cyprus police in connection to allegations he defrauded three persons of cash in exchange for bitcoins, which they never received from him. Again posting on reddit this Tuesday, Brewster sought to clear his name, offering to arrange to deliver the bitcoins via a lawyer in Cyprus.


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