NYAG Sues Gemini, Genesis, DCG for $1 billion Crypto Fraud
The New York Attorney General (NYAG) has filed a lawsuit against crypto exchange Gemini, crypto lending firm Genesis, crypto investment company DCG, and two executives, alleging that they conspired to fraudulently represent Genesis’ financial condition to hide a $1 billion hole in its finances. Gemini lied to investors about the Earn program According to the […]
Sam Bankman-Fried Sues Insurer for Defense Fees as Trial Begins
SBF has coverage for directors and officers through FTX Trading‘s parent company, Paper Bird, but now that two companies have paid out $10 million, the third in line is refusing to pay, according to the lawsuit. As the final preparations for Sam Bankman-Fried’s trial were being made in Manhattan, his counsel filed a lawsuit against […]
Former Deutsche Bank Exec Admits Role in ‘R3 Crypto Fund’
For his part in the fraudulent cryptocurrency trading operation, Rashawn Russell faces up to 30 years in prison. An ex-investment banker at Deutsche Bank, previously charged earlier this year in connection with a fraudulent cryptocurrency trading scheme, has admitted guilt in committing investment fraud. He potentially faces a maximum prison sentence of 30 years. According […]
Abra Accused in Texas of Securities Fraud, Misleading Investors
The Texas State Securities Board (TSSB) has taken legal action against Abra and its CEO, William John “Bill” Barhydt. Investors of Abra Earn and Abra Boost have accused the defendants of fraudulent business practices and securities fraud. According to the TSSB, the defendants intentionally withheld crucial financial information, such as party capitalization, loan defaults, and […]
SBF to Face Trial on Eight Charges Over FTX Collapse
The U.S. Department of Justice (DoJ) has confirmed that it will proceed with the trial of SBF, the co-founder of FTX, on the original eight charges of fraud and conspiracy. The trial is scheduled to start on October 2, 2023. SBF, whose full name is Sam Bankman-Fried, was extradited from the Bahamas, where FTX was […]