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The owner of defunct crypto lender Silvergate Bank has agreed to pay $63 million to end probes over compliance lapses, the first federal enforcement action brought against entities and individuals in relation to a crop of bank failures in 2023.
The U.S. Securities and Exchange Commission (SEC) has sued crypto-focused bank Silvergate Capital Corp in a federal court for securities fraud, a court filing showed on Monday.
Former Chief Risk Officer and former CFO also charged for misleading investors Washington, D.C.--(Newsfile Corp. - July 1, 2024) - The Securities and Exchange Commission today charged Silvergate Capital Corporation, its former CEO Alan Lane, and former Chief Risk Officer (CRO) Kathleen Fraher with misleading investors about the strength of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program and the monitoring of crypto customers, including FTX, by Silvergate's wholly owned subsidiary, Silvergate Bank.
LA JOLLA, Calif.--(BUSINESS WIRE)--Silvergate Capital Corporation (“Silvergate” or the “Company”), the holding company for Silvergate Bank (the “Bank”), today announced that, in connection with the previously disclosed plan to wind down the operations of and voluntarily liquidate the Bank in an orderly manner and in accordance with applicable regulatory processes (the “Bank Liquidation”), the Bank has fully repaid all of its remaining deposit liabilities, other than de minimis amounts amounting.
Silvergate Capital Corp. SICP, as part of its plan to wind down operations and liquidate assets of Silvergate Bank, announced departure plans for its chief executive and chief financial officer in a filing with the Securities and Exchange Commission late Tuesday. The company said Alan Lane, CEO of both the holding company and the bank, and John Bonino, chief legal officer of the company and the bank, no longer held those positions effective Tuesday.
The U.S. Federal Reserve announced Thursday it was ordering Silvergate Bank to implement its previously announced plan to liquidate itself in a way that protects depositors and preserves its funds.
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