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Here’s what we know about the timeline for Digital Currency Group’s move to Stamford

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Ryan Caron King
/
Connecticut Public Radio
Gov. Ned Lamont told reporters that he and his wife, Annie Lamont, disclosed an investment in Digital Currency Group on a recusal list.

Conn. Gov. Ned Lamont told reporters on Tuesday that his wife’s company sold its holdings in Digital Currency Group as soon as they heard the state’s economic development head, David Lehman, started talks about the move to Stamford, as reported by CT News Junkie:

“As soon as David Lehman was taking the lead on negotiations, we found out things were happening, we sold our position – that was earlier this year,” Lamont told reporters at an unrelated event Tuesday. 

Lehman said in an interview with Connecticut Public on Tuesday afternoon that he had a conversation either with the governor or his wife about Digital Currency Group before the end of 2020. Oak HC/FT, Annie Lamont’s company, did not sell its shares in the company until April 2021.

Here is a timeline:

  • October 2020: Lehman is introduced to Digital Currency Group by Thomas Madden of the city of Stamford and leads discussions about a move to Connecticut, according to an interview with Connecticut Public.
  • October through December 2020: Lehman is made aware “sometime in the fourth quarter of 2020,” after his introduction to Digital Currency Group, that Annie Lamont had a “legacy investment” in the company that predated Ned Lamont’s time in the governor’s office. That’s according to an interview with Connecticut Public. Lehman said he was made aware of the investment through a conversation either with Lamont or his wife, though he couldn’t recall. 

  • Feb. 16, 2021: The state signed a letter of intent with Digital Currency Group as part of the company’s move to Stamford, according to Lehman. “I kept Annie and the governor apprised of conversations we were having with the company on potential relocation consistent with conversations I have with the governor about our whole pipeline of companies,” Lehman said. “We didn’t treat this differently than a normal conversation I would have, keeping him aware of what DECD is doing.”
  • April 2021: Oak HC/FT sells its holdings and completely exits Digital Currency Group, according to Lehman and a spokesperson for Oak HC/FT. When asked by Connecticut Public, the investment company does not disclose the price of the sale.
  • Aug. 16, 2021: The state and Digital Currency Group sign a second letter of intent, according to Lehman. 
  • Nov. 15, 2021: Digital Currency Group is removed from the list of companies the Lamonts have recused themselves from for state dealings, according to CT Mirror.
  • Nov. 29, 2021: Lamont announces Digital Currency Group’s move to Stamford and its plan to hire 300 employees over the next five years, with a potential $5 million in financial incentives from the state paid out in 2025. 
  • Nov. 30, 2021: Reporters ask about Oak HC/FT listing Digital Currency Group among “alumni” of its investment portfolio.
Cassandra Basler is a radio reporter and editor at Connecticut Public. She has covered juvenile justice, the opioid crisis, immigration, social justice and inequity. You can find her reporting in New Haven and Fairfield counties. She previously worked at WSHU Public Radio and her work has appeared on NPR’s All Things Considered, Morning Edition and Here & Now.