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