Defendant Name:
Silvergate Capital Corporation
Defendant Type:
Public Company
SIC Code:
6022
CUSIP:
82837P40
Initial Case Details
Legal Case Name
SEC v. Silvergate Capital Corporation, Alan J. Lane, Kathleen Fraher, and Antonio Martino
First Document Date
01-Jul-2024
Initial Filing Format
Civil Proceeding
Case Number
24-cv-04987
Allegation Type
Issuer Reporting and Disclosure
Federal District Court
New York, Southern District of New York
Violations Alleged
Additionally,
Antonio Martino is alleged to have aided and abetted Silvergate Capital Corporation's violation of Sec 10(b) + Rule 10b-5 of the Exchange Act.
Antonio Martino is alleged to have aided and abetted Silvergate Capital Corporation's violation of Rule 12b-20 of the Exchange Act.
Antonio Martino is alleged to have aided and abetted Silvergate Capital Corporation's violation of Sec 13(a) of the Exchange Act.
Antonio Martino is alleged to have aided and abetted Silvergate Capital Corporation's violation of Rule 13a-11 of the Exchange Act.
Antonio Martino is alleged to have aided and abetted Silvergate Capital Corporation's violation of Sec 13(b)(2)(A) of the Exchange Act.
Antonio Martino is alleged to have aided and abetted Silvergate Capital Corporation's violation of Sec 13(b)(2)(B) of the Exchange Act.
Antonio Martino is alleged to have aided and abetted Silvergate Capital Corporation's violation of Sec 17(a)(2) of the Securities Act.
Resolutions
First Resolution Date
01-Jul-2024
Headline Total Penalty and Disgorgement
$50,000,000
Related Documents:
Complaint
The Commission stated: "From November 2022 through January 2023, Defendants made false or misleading statements and material omissions to, and engaged in other conduct that misled, the public and SCC investors regarding the effectiveness of Silvergate Bank's ("Silvergate" or "the Bank") Bank Secrecy Act ("BSA")/Anti-Money Laundering ("AML") compliance program and its financial soundness."
2024-82
01-Jul-2024
Press Release--Civil Action
SEC Charges Silvergate Capital, Former CEO for Misleading Investors about Compliance Program; Former Chief Risk Officer and former CFO also charged for misleading investors
The Commission stated that: "[It] 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. The SEC also charged Silvergate and its former Chief Financial Officer, Antonio Martino, with misleading investors about the company’s losses from expected securities sales following FTX’s collapse. All parties charged, aside from Martino, have agreed to settle the SEC’s charges."
SEC Charges Silvergate Capital, Former CEO for Misleading Investors about Compliance Program; Former Chief Risk Offi cer and former CFO also charged formisleading investors
The SEC stated that: "[It] 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. The SEC also charged Silvergate and its former Chief Financial Officer, Antonio Martino, with misleading investors about the company’s losses from expected securities sales following FTX’s collapse. All parties charged, aside from Martino, have agreed to settle the SEC’s charges."
Final Judgment as to Defendant Silvergate Capital Corporation
On July 8, 2024, the Court entered a final judgment against Silvergate Capital Corporation stating: "Defendant Silvergate Capital Corporation having entered a general appearance; consented to the Court’s jurisdiction over Defendant and the subject matter of this action; consented to entry of this Final Judgment without admitting or denying the allegations of the Complaint (except as to jurisdiction); waived findings of fact and conclusions of law; and waived any right to appeal
from this Final Judgment."
Other Defendants in Action:
