Genesis Chief Risk Officer Said to Be Exiting After 3 Months
Genesis Trading has lost its newly appointed chief risk officer Michael Patchen after just three months in the job, according to a person close to Patchen.
Patchen was brought in at Genesis at the end of July when the firm’s CEO, Michael Moro, stepped down amid a wave of job cuts. Genesis’ Chief Operating Officer Derar Islim was made interim CEO, while finance veteran exec Tom Conheeney was brought in as a Senior Advisor.
Genesis’ cryptocurrency lending business revealed it had a large exposure to failed hedge fund Three Arrows Capital back in July of this year. Digital Currency Group, parent of both Genesis and CoinDesk, has assumed the entirety of a $1.2 billion claim, leaving Genesis with no outstanding liabilities tied to Three Arrows Capital.
Neither Genesis nor Patchen responded to requests for comment by press time.