Crypto-Focused Firm Prime Trust Fires CEO Tom Pageler

December 01, 2022

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Tom Pageler, former CEO of the cryptocurrency and fintech company Prime Trust, was fired as per a report.

According to the information available on Pageler’s LinkedIn profile, the Nevada-based crypto services company had been under Pageler’s leadership since January 2021.

It wasn’t clear right away why Pageler was let go, but Prime Trust said in a statement that he had “transitioned” and yet did not say what his new position was.

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Noteworthy, Pageler was previously given the role of President and Chief Operating Officer at Prime Trust. Prior to initiating work at Prime Trust, Pageler held the positions of Chief Risk Officer and Chief Security Officer at Neustar, Chief Risk Officer and Chief Information Security Officer at DocuSign, Executive Director at JPMorgan-Chase, and Head of Risk at Visa.

He also served a tour of duty as a Special Agent for the United States Secret Service in the electronic crimes division. According to the release, Jor Law is serving as the interim CEO of the company.

Prime Trust Had No “Counterparty Exposure” To FTX

After the market-shattering collapse of FTX and Alameda Research earlier this month, this unexpected firing represents the latest shakeup in the cryptocurrency industry. Despite this, Prime Trust stated that it did not have any “counterparty exposure” to FTX or BlockFi, another crypto business that has recently filed for bankruptcy.

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Nonetheless, the plateform was suspiciously intertwined with the private finances of FTX’s management. According to a series of contribution disclosures that initially listed Prime Trust as the donor, former FTX CEO Sam Bankman-Fried held tens of millions of dollars with Prime Trust, which he later transferred to political campaigns. However, the error in the original disclosures was later corrected. Nishad Singh, one of his senior subordinates, was also one of the individuals who contributed through Prime Trust.

In June, Prime Trust completed a Series B funding round in which it raised $107 million with the intention of expanding its service offerings. Rodrigo Vicuna, the company’s Chief Financial Officer at the time, chose not to disclose the valuation of the business.