Trump-linked firm’s ex-CFO ‘lost $29m of company cash at slots’

X Strategies says Derek Utley spent 200 days gambling at a Hard Rock casino in a single year.

The hit

X Strategies, which runs Trump-linked social media accounts, alleges former chairman & CFO Derek Utley spent 200 days in a single year gambling at a South Florida Hard Rock casino. The company’s federal lawsuit claims he fed $29m of company money into slot machines, winning $26m back for a net $3m loss, according to Casino.org. X Strategies accuses Utley of embezzling at least $5m to fund the habit.

Why it matters

The case exposes how a small, closely held firm with high-profile political ties allegedly let one executive control both the books & the bank withdrawals. If proven, it shows how casino accounts & ATM withdrawals can mask corporate fraud for years before banks or auditors catch on. Utley denies the claims.

The record

Lawsuit filed	18 September, US District Court, Southern District of Florida
Alleged embezzlement identified	$5m (X Strategies forensic audit)
Slot losses alleged	$29m staked, $26m won back, $3m net loss (X Strategies lawsuit)
Company founded	2017, by Derek Utley & Alex Bruesewitz
Trigger for discovery	President Michael Seifert flagged cash shortfall in 2026

What happens next

Watch the Southern District of Florida docket for Utley’s formal response & any move by X Strategies to freeze assets, including alleged casino winnings & player rewards.

Sources: Trump-Linked Firm Says Ex-CFO Gambled $29M on Slots at Hard Rock

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