James Craig: Porn addict dentist who poisoned wife was losing $120K a month while being in $2M personal debt
AURORA, COLORADO: A Colorado dentist, who is charged with first-degree murder for allegedly poisoning his wife, was apparently on the verge of professional and personal ruin caused by bad investments in worthless cryptocurrencies. James Craig, 45, slowly poisoned his wife Angela, 43, to death by putting potassium cyanide into her protein smoothies.
According to Daily Mail, Craig was not only looking to start a new life with his mistress, but he was also reeling under more than $2 million of personal debt while his "successful" dental practice was extravasating around $120,000 a month. The father and husband filed for both personal and professional bankruptcy in 2020. His personal case wrapped up in July 2022.
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With the latest filing on March 1, 2023, Summerbrook Dental's case moved closer to completion earlier this month, just four days before Craig is alleged to have started poisoning the mother of his six children.
James Craig's reckless spending and mismanagement
The dentist was mired under heavy debt, thanks to his reckless spending and mismanagement along with a series of disastrous investments. Craig was unable to keep himself and his family afloat despite pre-tax personal earnings for 2019 listed at $778,107. He attempted to prop up his business in November and December 2019, by spending more than a million dollars in three separate tranches into worthless cryptocurrency Xtroption. gold. The cryptocurrency in which he invested is now being called "fool's gold".
In a desperate attempt to get out of the dire situation, Craig fell victim to a crypto Ponzi scheme in that same year that saw him lose another $600,000. According to the outlet, Craig is among several victims listed in a federal fraud suit filed against James Wolfgramm in Utah last September. Wolfgramm has been accused of posing online as a crypto multimillionaire and scamming people out of millions through his company Bitex.
What does the lawsuit state?
The suit details how Craig traveled to Bitex's base in Utah to purchase three, "high-end 'Bitext Block Buster' machines" at a cost of $675,000. He believed these machines could generate earnings of more than $40,000 a month. However, no such machines existed. The suit further states that Craig questioned when he was going to get the machines, but the conman assuaged him into a false sense of security by signing a "personal guarantee" and a "collateral agreement", both of which pledged a Florida home worth $15million as collateral for the joint venture.
The suit states that Wolfgramm failed to disclose that he did not and never owned the home in question. Craig, on the other hand, had taken out two loans against his own home in Aurora, Colorado. Records show that the dentist who once owned the $1 million property outright, took out two loans against it, one of $242,697 and a second of $675,000 in 2019.
Besides, he also owed $314,998 to the IRS and was carrying $750,000 of other debts, including more than $200,000 on assorted credit cards. In total, Craig listed his assets at $1,967,496.57. Annual filings show that he later transferred a 'branch' of BFB Inc to Aurora, Colorado, listing his wife Angela as company secretary and its earnings in 2019 at $7,500, though the nature of the business is unclear.
Another alarming fact includes Craig's possession of one suppressor (silencer) and one shotgun (Remington 870) along with luxurious items such as cars, furniture, clothes, wedding rings, and a fake Rolex. Craig does not possess a hunting license or note when he purchased the firearm. He also lists three life insurance policies on his wife, two of which have no listed value, one of which has a value of $80,778.90.
Craig blamed someone else in personal affidavit
Craig took no personal responsibility for the disastrous state of the practice in a personal affidavit submitted by him in the Summerbrook case. He instead blamed Dr Chris Brady whom he had taken on in 2017 and who, he stated, suggested he "restructure the business model." Craig stated that the dentist was then replaced but that it was too late to redress the losses incurred. He took out loans totaling $1,744,772.21 in order to meet "increasing expenses".
One resulted in a lawsuit being brought against him. In November 2019, he received a $100,000 cash advance from LG Funding LLC in an agreement that would see him repay $136,000. He, instead, attempted to repay the loan with cryptocurrency, which the firm would not accept. They accused him of altering the contract between them and deliberately trying to defraud them.
The lengthy affidavit released last week showed that Craig flew his orthodontist mistress, Karin Cain, 49, from Marble Falls, Texas, to Colorado earlier this month while his wife lay hospitalized and dying. The document also revealed that Craig gambled and was a porn addict since he was a teenager.