Gemini, Genesis, DCG Sued by New York Attorney General for Allegedly Defrauding Investors
www.coindesk.com/policy/2023/10/19/gemini-genesis-and-dcg-sued-by-new-york-attorney-for-defrauding-investors/?utm_medium=referral&utm_source=rss&utm_campaign=headlines
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New York Attorney General (NYAG) Letitia James today filed a lawsuit against cryptocurrency companies Gemini Trust Co. (Gemini), trading firm Genesis Global Capital and conglomerate Digital Currency Group (DCG) for allegedly defrauding more than 230,000 investors, including at least 29,000 New Yorkers, of more than $1 billion.
The NYAG also charged Genesis and former CEO Soichiro Moro as well as DCG and CEO Barry Silbert with defrauding investors and the public by trying to conceal more than $1.1 billion in losses, which were borne by investors. They "disguised $1.1 billion in losses through a months-long campaign of misstatements, omissions, and concealment” by way of a promissory note, according to the suit.
“My office will continue our efforts to stop deceptive cryptocurrency companies and push for stronger regulations to protect all investors,” James said.
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