Sacked Northern Data Execs File Suit Against Tether-Backed Company, Alleging Fraud

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Cheyenne Ligon is a CoinDesk news reporter with a focus on crypto regulation and policy. She has no significant crypto holdings.

against the firm, alleging that they were wrongfully terminated after raising concerns about the company’s financial health and alleging tax evasion.

The allegations come amidst growing media buzz that Northern Data is considering a U.S initial public offering of its artificial intelligence unit, whichPorter joined the U.S. subsidiary of Northern Data as COO and was later promoted to CEO of the U.S. arm of the company. Only after his promotion, the suit claimed, did Porter get a true look behind the curtain at the reality of the company’s financial situation.

Kama, who started out as the CFO of the U.S. subsidiaries before being promoted the group’s CFO, reported similar concerns “regarding accounting and securities fraud” to her superiors at Northern Data – ”to no avail, because the CEO and COO were perpetuating the accounting and securities fraud,” the suit claims. Northern Data’s CEO is Aroosh Thillainathan and its COO is Rosanne Kincaid-Smith.

 

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