Silvergate Capital Corp., the parent company of a crypto-friendly bank that collapsed in 2023 and contributed to the industry’s banking crisis, has agreed to pay $63 million to settle accusations by US and California regulators.
The regulators accused Silvergate of internal management failures and disclosing false information to investors.
The US Securities and Exchange Commission (SEC) filed a lawsuit on Monday against Silvergate Capital Corporation, former CEO Alan Lane, former COO Kathleen Fraher and former CFO Antonio Martino, alleging that the bank had deceived the public and shareholders about its effective Bank Secrecy Act/anti-money laundering program.
