SEC accuses Silvergate of misleading the public after FTX collapse

The Securities and Exchange Commission has filed a lawsuit against Silvergate Bank. 

The regulator accused Silvergate, which officially closed and liquidated last year, of misleading clients and investors about the effectiveness of its compliance programs, including its anti-money laundering efforts.

The suit names former CEO Alan Lane, former Chief Risk Officer Kathleen Freher and former Chief Financial Officer Antonio Martino as defendants, in addition to the bank itself. 

“SCC, Lane, and Fraher misrepresented the operational and legal risks facing the Bank by falsely stating in SEC filings and other public statements that the Bank had an effective BSA/AML compliance program…

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