Even as its shady interactions with Facebook put Cambridge Analytica on an inevitable course for ruin, the Mercer-backed political consultancy firm reported to have scraped data from more than 80 million people continued to defend its honor online. Over and over again the company’s Twitter account declared its innocence, writing, among other things, that it “engaged in good faith to legally supply data for research.” “It​’s open season for anyone to say what they like about Cambridge Analytica,” read one particularly self-pitying tweet. “We’re accused of everything from stealing data to distorting democracies​.” The account ceased to operate when Cambridge Analytica announced that it would shut down. But during a hearing before British Parliament on Wednesday, former C.E.O. Alexander Nix was true to its tone. “I’m sitting here and being subjected to frankly ridiculous accusations based on the most tenuous connections that simply aren’t supported by evidence,” he said, according to The New York Times, in reference to Cambridge Analytica’s alleged work with the E.U.’s Leave campaign. At another point, he reportedly added, “You’re building a conspiracy.”

Yet even as he was questioned by lawmakers, the Financial Times revealed there may be more to the story of Cambridge Analytica’s downfall than Nix has let on. According to the Times, Nix is in a dispute with investors of Emerdata—a company set up by the Mercer family and Cambridge Analytica executives to be a potential successor to the firm—over allegedly walking away with $8 million, which he is reported to have withdrawn from company coffers before its collapse. The withdrawal reportedly occurred after Nix learned British media was reporting on the Facebook scandal. (Emerdata reportedly raised $19 million from investors earlier this year.) In contrast, many Cambridge Analytica staffers were dismissed without severance pay last month. Investors reportedly want Nix to repay employees and investors with the money he squirreled away. Sources told the Times he does intend to repay part of the $8 million, which he reportedly claimed to have withdrawn “in exchange for unbooked services,” though he hasn’t yet done so.

According to the Times, investors want to rebrand and relaunch Cambridge Analytica, which, despite its shutdown, still faces investigations from both the Department of Justice and the F.B.I., as well as U.K. agencies about its financial practices and data usage. Nix himself was suspended from the company before it shut down, after a video surfaced in which he discussed using “honey traps,” bribes, and other techniques to undermine political candidates. (Cambridge Analytica denied that it used any such methods.) But, like his social-media manager, he has repeatedly denied engaging in anything shady. Before lawmakers on Wednesday, he sought to discredit Christopher Wylie, the Cambridge Analytica employee who initially blew the lid off the company. “It’s funny how all your evidence circles all back to one individual,” he said. Eventually, the conversation became testy:

“You’ve attempted to paint yourself as the victim,” one member of Parliament said. “You’re not the victim.”

Mr. Nix shot back: “What if I was the victim?”

He said Cambridge Analytica was a convenient target for those angry about Mr. Trump’s victory and the Brexit result.

“We were simply the guys who were perceived to have contributed,” Mr. Nix said.

There was, however, one line of inquiry Nix was unable to explain away. “Did you take $8 million out of the company?” Labour M.P. Jo Stevens asked him, in reference to the Financial Times report. “The answer to your question is, I’m not answering your question,” Nix replied.