Million

Silvergate Capital Settles for $50 Million Amid Regulatory Crackdown, Multiple Executives Face Heavy Penalties

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Washington, D.C. — Silvergate Capital Corp. has agreed to pay a hefty $50 million to settle charges by the Securities and Exchange Commission (SEC), which accused the firm and its key executives of misleading investors about its compliance protocols and customer monitoring capabilities. This agreement comes amid heightened scrutiny from federal and state regulators. The SEC’s allegations centered around claims that Silvergate Capital, its subsidiary Silvergate Bank, and two former officials, including the CEO, provided false assurances about the robustness of their Bank Secrecy Act (BSA)/Anti-Money Laundering (AML) systems. Particularly in focus was the firm’s … Read more

Jury Awards Former Marketing Director $1.4 Million in Lawsuit Over Unpaid Bonuses at Biotech Hedge Fund

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New York – In a notable verdict, Youngjoo Rhee, a former marketing director at Santé Ventures, a hedge fund specializing in biotechnology investments, was awarded $1.4 million by a jury for unpaid bonuses linked to her instrumental role in securing a substantial investment from a pension fund. This recent ruling echoes a previous jury award of $1.5 million in September, which had faced scrutiny and criticism from the presiding federal judge for lacking substantial evidence. The claim centered around the allegation that Santé Ventures failed to deliver promised cash bonuses to Rhee, despite her successful … Read more

$68.5 Million Awarded in Tragic Philadelphia Construction Site Fall, Jury Points to Safety Failures

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Philadelphia, PA — A Philadelphia jury recently ruled in favor of awarding $68.5 million to the family of Siarhei Marhunou, a construction worker who tragically died after falling from a balcony at a Center City development site managed by OCF Realty. Marhunou’s fatal accident occurred in December 2021, and the lawsuit was filed by his estate in May 2022. Marhunou, a 38-year-old recent immigrant from Belarus, was working on the balcony installation of siding on a five-unit townhouse development located at 2330 Sansom Street when the incident took place. During his employment, Marhunou fell nearly … Read more

$68.5 Million Awarded in Historic Verdict for Family of Worker Killed at Philadelphia Construction Site

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PHILADELPHIA — A Philadelphia jury has awarded $68.5 million in damages to the widow and young son of a construction worker who died after a fall from an improperly secured balcony. The verdict, returned on Wednesday, concluded a lawsuit involving allegations of negligence and wrongful death against OCF Construction LLC and several associated companies. The incident that led to the legal battle occurred on December 15, 2021, at a luxury townhouse development in the Fitler Square area of the city. Siarhei Marhunou, 38, was working on the fifth-floor balcony of the new five-unit complex when … Read more