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News Explorer — Silvergate Faces SEC Lawsuit for Alleged Securities Violations

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Jul 1, 8:27 pm
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Silvergate Faces SEC Lawsuit for Alleged Securities Violations

The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Silvergate Bank, accusing the institution's leadership of misleading the public and failing to properly monitor approximately $1 trillion worth of transactions. Among these transactions were $9 billion from the now-defunct cryptocurrency exchange FTX, which collapsed due to fraudulent actions by its co-founder and CEO. The SEC has also included former CEO Alan Lane, COO Kathleen Fraher, and CFO Antonio Martino in the lawsuit, alleging securities violations.

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