SEC Sues Crypto Bank Silvergate for Securities Fraud

The U.S. Securities and Exchange Commission (SEC) has sued crypto-focused bank Silvergate Capital Corp. in a federal court for securities fraud, a court filing showed. The Commission alleged that the company made a "fraudulent scheme" to mislead investors about its bank secrecy and anti-money laundering compliance programs as well as its "dire financial condition," after the collapse of crypto exchange FTX in November 2022. "The bank also failed to detect nearly $9 billion in suspicious transfers by FTX and its related entities," the SEC alleged. Reuters could not independently verify...