Feb 16, 2023
Silvergate Bank and CEO Accused of “Aiding and Abetting” Fraudulent Scheme
Silvergate Bank and its CEO Alan Lane have been accused of “aiding and abetting” a “multibillion-dollar fraudulent scheme orchestrated by Sam Bankman-Fried (SBF)” and two of his entities, FTX and Alameda Research, in a newly proposed class-action lawsuit.
The suit, filed in the United States District Court for the Northern District of California on Feb. 14, was brought forth by San Francisco-based FTX user Soham Bhatia. Bhatia was frozen out of around $20,000 in crypto when the exchange collapsed last year, and has accused Silvergate Bank, its parent company Silvergate Capital Corporation, and CEO Alan Lane of concealing “the true nature of FTX” from its customers.
The proposed class-action lawsuit claims that Silvergate, Bankman-Fried, and Lane were co-conspirators in the scheme, with Silvergate and Lane “aiding, abetting, encouraging and substantially assisting Bankman-Fried in jointly perpetrating a fraudulent scheme upon Plaintiff and the class.” The suit seeks a combination of damages, restitution and disgorgement of profits, with the amount to be determined in trial.
Silvergate is now the most shorted stock on Wall Street, with 73% of its float being shorted. This is not the first class-action suit Silvergate has faced in the last two months. On Dec. 14, plaintiff Joewy Gonzalez filed a suit in the U.S. District Court for the Southern District of California, and on Jan. 10, a class-action suit was filed in the United States District Court of Southern California alleging that Silvergate’s platform failed to detect occurrences of money laundering “in amounts exceeding $425 million” involving South American money launderers.
Last week on Feb. 6, algorithmic trading firm Statistica Capital filed a putative class-action lawsuit against New York-based Signature Bank, alleging it had “actual knowledge of and substantially facilitated the now-infamous FTX fraud.”
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