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Advantage Lithium replaces CEO amid fraud scandal

Advantage Lithium Corp. said March 14 that President and CEO David Sidoo has taken a temporary leave of absence and will be replaced by current director and technical adviser Callum Grant as interim CEO.

Sidoo was arrested the week of March 7 under fraud charges for supposedly paying US$200,000 to arrange for other people to take academic admission tests on behalf of his two sons as part of a larger college admissions scandal, Reuters reported March 14, citing U.S. court documents.

The report said it is not immediately clear how Sidoo's exit will impact the company's development plans. A company spokesperson said Advantage plans to move forward with developing its Cauchari lithium deposit in Argentina.

The company appointed Lindsay Murray as CFO and director and Daniel Galastro as the country-based project manager of Cauchari in October 2018.