Defunct California bank Silvergate will pay $63mn to settle civil charges brought by federal and state regulators tied to the bank’s collapse in the wake of the massive fraud that brought down crypto exchange FTX.
The $63mn includes penalties assessed by the US Securities and Exchange Commission, the Federal Reserve and the California Department of Financial Protection and Innovation.
The SEC in a lawsuit on Monday said Silvergate and three executives had deceived investors about its legal compliance and monitoring of clients, including FTX.
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