Phillip Gillespie, once the co-chief executive officer of B2C2, a crypto market-maker, faces allegations of excessive drinking, cocaine and hallucinogen use, and providing these drugs to others, including a 19-year-old intern, during a Bitcoin conference last year.
Bradley Nagela, B2C2’s former global head of options trading, brought the allegations to light when he filed a lawsuit. He claimed they terminated him in retaliation for voicing concerns about Gillespie’s behavior.
Nagela became concerned when the intern’s father, in an email, expressed worry about his daughter traveling from Thailand to Miami for the conference. He felt she was “too young” for such an endeavor and feared it might be linked to something unsavory.
Upon receiving the father’s email, B2C2 initiated an investigation. The inquiry confirmed that Gillespie, based in Japan, had indeed arranged for the intern to join him at the conference.
Gillespie has denied the allegations, saying they are “pure hearsay” and that Nagela wasn’t “in attendance at the conference in question.”
In his lawsuit, Nagela said he tried to raise concerns about Gillespie’s behavior with the firm’s general counsel and a US-based co-CEO, but he was stymied, at least partially, by the lack of a written complaint against Gillespie from someone at the conference.
Nagela said some of the highest level managers at B2C2, including Nicola White, who has since become CEO, opted to “tolerate and turn a blind eye toward” Gillespie’s alleged behavior.
The company fired Nagela in September 2022. Gillespie chose to step down as CEO in November 2022.