September 22, 2026

X Strategies Sues Co-Founder Over Alleged $5 Million Embezzlement

X Strategies alleges Derek Utley embezzled at least $5 million, including $3 million on gambling.
Utley reportedly gambled $29 million in 2025 at a single casino, losing $3 million.
The thefts were discovered after the company hired a new president who found discrepancies in finances.

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