Stenn Went From $900 Million Trade Darling to Insolvency in Days (1)

Greg Karpovsky, the founder of Stenn Technologies who was once feted by some of the biggest players on Wall Street, had suddenly gone quiet.

Karpovsky, 45, said little on a Dec. 4 call with his 250-odd staff as they learned that his trade-finance business — valued at almost $1 billion just two years ago — had collapsed. He dialled in remotely, having left the UK just before Stenn’s British subsidiaries went into insolvency, people familiar with the matter said. On a call a week later, when most employees were made redundant, he didn’t appear at all.

A screenshot of Stenn CEO Greg Karpovsky on a call with employees on Dec. 4 that was obtained by Bloomberg afterward.

Photographer: No Credit

Stenn’s ...