Defendant Name:
Silvergate Capital Corporation
Defendant Type:
Public Company
SIC Code:
6022
CUSIP:
82837P40
Document Reference:
comp26044
Document Details
Legal Case Name
SEC v. Silvergate Capital Corporation, Alan J. Lane, Kathleen Fraher, and Antonio Martino
Document Name
Complaint
Document Date
01-Jul-2024
Document Format
Civil Proceeding
Case Number
24-cv-04987
Federal District Court
New York, Southern District of New York
Allegation Type
Issuer Reporting and Disclosure
Document Summary
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."
Related Documents:
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:
