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."

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."

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."