Prime Trust, a Nevada-based crypto custodian, replaced chief executive Tom Pageler on November 29, 2022, its own statement said1. Board member Jor Law took over as interim chief executive, a title he took "effective immediately," Prime Trust's statement said. CoinDesk learned of the switch on its own and reported it on November 29, 2022, calling the move a replacement rather than a resignation2.
Four leadership moves at Prime Trust on the record since 2019
Every move CryptoLately has verified there, by the day it became public
Moves: The Moves Ledger, CryptoLately's record of verified leadership moves, Oct. 3, 2016 to Oct. 2, 2026.
Read the chart as a table
| Date | Event |
|---|---|
| Aug. 13, 2019 | Ortega became Chief of Regulatory Affairs. Amanda Ortega was named Chief of Regulatory Affairs and Compliance of Prime Trust |
| Aug. 11, 2020 | Pageler became COO. Tom Pageler was named President and Chief Operating Officer of Prime Trust |
| Nov. 29, 2022 | Pageler left as CEO. Tom Pageler left as Chief Executive Officer of Prime Trust |
| Nov. 29, 2022 | Law became Interim CEO. Jor Law was named Interim Chief Executive Officer of Prime Trust |
18 CEO exits on the record in 2022
CEO exits CryptoLately has verified, by year; 2026 through Oct. 2, 2026
- 2022: 18
- 2019, 2020, 2021, 2023, 2024, 2025, 2026
Moves: The Moves Ledger, CryptoLately's record of verified leadership moves, Oct. 3, 2016 to Oct. 2, 2026.
Read the chart as a table
| Item | Value |
|---|---|
| 2019 | 7 |
| 2020 | 9 |
| 2021 | 5 |
| 2022 | 18 |
| 2023 | 11 |
| 2024 | 20 |
| 2025 | 20 |
| 2026 | 18 |
Prime Trust's own statement framed the swap as routine business. “Today, the Prime Trust Board of Directors announced a leadership transition to better align the company, its prospects and its potential with the current marketplace,” the statement said, adding that the board “appointed Jor Law to the role of Interim Chief Executive Officer, effective immediately”1. CoinDesk's report left the reason open, since Prime Trust gave the outlet only the fact of a "transition" and skipped the cause2. Jor Law spoke for himself in the same statement. “We have marquee clients, a suite of products that is unparalleled in the marketplace, and a strong core group of people. It's times like these when efficiently run companies can really emerge to be runway winners,” Law said.
Who Pageler was and who replaced him
Prime Trust came under new management led by Pageler after it moved its wallets to Fireblocks, Fortune reported3. Executive roles at Docusign, JPMorgan Chase and Visa came before Prime Trust on his record1. Law took over as a long-time Prime Trust board member and strategic adviser. Prime Trust's statement called him the person to "help ensure the company is optimally-positioned to seize growth opportunities". The switch landed in November 2022, the month Sam Bankman-Fried's FTX collapsed. Bankman-Fried had held tens of millions of dollars with Prime Trust, CoinDesk reported2. Prime Trust said it had zero counterparty exposure to FTX.
What came next
Nevada regulators petitioned a federal court on June 26, 2023 to put Prime Trust into receivership. Fortune's report on that filing, published June 27, 2023, said the custodian owed clients $156 million combined in fiat and digital assets while holding roughly half that amount3. The petition traced the shortfall to wallets Prime Trust lost access to around December 2021, before Pageler's exit. Nevada's filing said the firm used customer money to cover withdrawals in the months after. Fortune's report named Law as the CEO brought in "to turn the company around" after Pageler's departure. Nevada's petition put Prime Trust's fiat shortfall at $82.8 million when the state filed it, the gap between the $85.67 million the custodian owed clients and the $2.9 million in fiat it had on hand.
Sources
- "Prime Trust Changes Leadership, Tom Pageler Out as CEO, Jor Law Steps in as Interim CEO," Prime Trust (via Crowdfund Insider), November 29, 2022, https://www.crowdfundinsider.com/2022/11/199278-prime-trust-changes-leadership-tom-pageler-out-as-ceo-jor-law-steps-in-as-interim-ceo/
- "Crypto Services Firm Prime Trust Replaces CEO Tom Pageler," CoinDesk, November 29, 2022, https://www.coindesk.com/business/2022/11/29/crypto-services-firm-prime-trust-has-fired-ceo-tom-pageler
- "Nevada seeks to impound assets of a crypto wallet firm that owes clients over $156 million but only has half that amount left," Fortune, June 27, 2023, https://news.google.com/rss/articles/CBMihgFBVV95cUxPbHNRVjZkODFxckswQVV3TnNCRUI3S0xGaEJEYV9vOFVuTTFLakUzeHVQQmRvZ05EM09lNUYyVjNWbnd3RGV0QU9FSEV5VmNEMk01WFMyWlNrMFdrMkQ1X01sVTF6YkxobS1XelE4Y2Q2QUViT3d3Ty1Oc2h5X0VQRkoxSEFXZw