Economy

Digital Currency Group, former Genesis CEO to pay $38.5 million over SEC charges

Published

(Reuters) – The U.S. Securities and Exchange Commission on Friday said Digital Currency Group Inc. and the CEO of its now-defunct subsidiary Genesis Global Capital LLC have agreed to pay a combined $38.5 million in civil penalties to settle charges they misled investors about Genesis’s financial condition.

Regulators found that DCG and Genesis chief Soichoro Moro downplayed the impact of a mid-2022 default by one of its largest borrowers, Three Arrow Capital, the SEC said in a statement.

Neither the firm nor Moro admitted or denied the SEC’s findings. Lawyers for both did not respond immediately to requests for comment.

The SEC said Moro made false or misleading statements on Twitter, misleadingly characterizing Genesis’s balance sheet as strong. Other executives retweeted some of those statements.

This post appeared first on investing.com

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