SEC: Silvergate agrees to pay $50 million in civil fines for securities fraud allegations

Golden Finance reported that the U.S. SEC announced that, without admitting or denying the allegations, Silvergate agreed to pay a civil penalty of $50 million. The SEC stated that it would also charge Silvergate and its former CFO with misleading investors about the expected securities sales losses after the collapse of the encryption exchange FTX. All accused parties, except for Silvergate's former CFO, have agreed to settle. Previously reported, according to a case file record on Monday, the SEC filed a lawsuit against the bank in the Manhattan Federal Court for "securities fraud". Multiple former executives of Silvergate were named as defendants.