Community service for treasurer who invested association cash in crypto

A former treasurer of Enschede student swimming association Piranha was penalised with community service last month. He withdrew money from the club’s bank account and invested it in crypto currencies.

In May last year, the now 22-year-old treasurer transferred 20,000 euros from the club’s coffers to his own account. He said he wanted to use this money to make a profit for the swimming club by investing in crypto currencies. His master plan turned out differently than hoped and he lost over 7,500 euros. The former board member had to answer at an OM (district attorney) hearing in early September, reports Twente university newspaper U-today.

The transfers were initially not noticed by the treasury committee because the treasurer forwarded falsified account balances. In September 2021, a new board discovered that the accounts were incorrect.

Current association president Ties van het Erve says the matter has now been settled. “We have recovered the lost money and the OM has settled it with the former board member,” he said. As the hearing was not public, the amount and conditions of the community service are not known.