Epik former CEO Rob Monster “misappropriated” over $3.5 million from the company before his departure in 2022, according to a report in Wired yesterday.
In a fairly in-depth piece on the registrar’s turbulent 2023, the tech publication said it has had eyes on a forensic accounting document that made the allegations:
An accounting firm hired by Epik to conduct a forensic investigation alleged that Monster had misappropriated more than $3.5 million, according to an internal preliminary report obtained by WIRED. More than $1.5 million was attributed to Monster personally withdrawing funds from the company. Nearly $2 million of Epik funds was used in Kingdom Ventures, Monsters’ venture capital firm, according to the report.
The article does not make it clear whether any criminality is alleged and Monster did not respond to the magazine’s request for comment.
The article also shed some extra light on the takeover of the former Epik Inc registrar by Epik LLC, a new company confirmed by ICANN to be owned by a company-formation outfit in Wyoming called Registered Agents Inc and not affiliated with Monster.
Registered Agents’ lawyer Bryce Myrvang told Wired that the plan is to offer its clients domains and web hosting when they form their companies, apparently confirming that the company is in it for the synergies rather than to hide Epik’s true owner.
Myrvang also offered his apologies to anyone offended by the recent weirdness coming out of its official Twitter account, which led some to believe that Monster was still pulling the strings at the company despite the new ownership.
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