Overstock.com CEO Resigns After Revealing Involvement in FBI-Russia Probe

Daniel Fowler
August 25, 2019

Butina is now serving an 18-month prison sentence as part of her guilty plea to conspiracy to act as a foreign agent for her actions before the 2016 election to infiltrate Republican and conservative circles, including the National Rifle Association, to try and influence people on behalf of the Russian government.

Kamelia Aryafar, Overstock's Chief Algorithms Officer, is being promoted to Executive Vice President of Overstock's retail business and is joining the board of directors.

Patrick Byrne, the head of online retailer Overstock, resigned Thursday in the shadow of comments he made recently about multiple federal law enforcement investigations. He also told Cuomo, "It was always clear she's on her way or was on her way to be president of Russian Federation", adding "She's a super talented girl".

Patrick Byrne has stepped down from his position as the CEO of Overstock.

In the three days following Bryne's statement, Overstock shares plunged as much as 36% because, according to CNBC, investors understandably were concerned about Byrne's well-being.

In a letter Byrne issued Thursday, he stated that he is "already far too controversial to serve as CEO" and chose to step away after 20 years so that his presence wouldn't affect Overstock's business.

In another interview with Fox News, Byrne repeated claims that he was part of a "big coverup" in Washington, DC, at times breaking down in tears as he explained that his resignation was due to political espionage.

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In a letter to shareholders dated July 15, Byrne wrote at length about Medici's portfolio, referring to it as a keiretsu, a Japanese term for a group of companies with interlocking business relationships. tZERO, a company which advocates blockchain for capital markets, was heavily cited, as was fintech provider Bitt and Medici Land Governance.

Byrne founded Overstock in 1999.

Earlier in August, Driscoll announced that Byrne had contacted him and revealed that he was acting as an Federal Bureau of Investigation informant during his relationship with Butina.

The resignation comes almost two weeks after the company issued a odd press release, titled, "Overstock.com CEO Comments on Deep State, Withholds Further Comment".

Byrne later claimed the FBI told him to break off his relationship with Butina, before approaching him again in July of 2016, saying he needed to "rekindle" his relationship with her to assist the bureau's efforts during a time it was investigating attempts by Russian Federation to interfere in the USA presidential election.

Chairman Jonathan Johnson has been named interim CEO. To Fox News he said, "If you want to help me, go buy your daughter a rug at Overstock.com". "I thought I was doing law enforcement". "In [land governance, central banking and capital markets], our blockchain progeny are arguably the leading blockchain disruptors in existence", wrote Byrne.

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