Silvergate hit with another class-action suit, this time for securities law violations

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A class-action suit was filed against Silvergate Capital (NYSE:SI), operator of the Silvergate Exchange Network and parent company of Silvergate Bank, in United States District Court of Southern California on Jan. 10. The suit was filed on the behalf of all purchasers of Silvergate securities between November 9, 2021, and January 5, 2023, claiming violations of the Securities Exchange Act of 1934.

Silvergate CEO Alan Lane and chief financial officer Antonio Martino were also listed as defendant in the suit. The plaintiff claimed in the suit that Silvergate’s platform failed to detect occurrences of money laundering “in amounts exceeding $425 million,” for which the company was likely to face regulatory repercussions. The legal papers allege:

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