In a statement released August 17, 2023, Farmington State Bank, with an investment from Sam Bankman-Fried’s Alameda Research, consented to a cease and desist order from the U.S. Federal Reserve. Alameda invested $11.5 million into the bank’s coffers in January 2022. Government seizure documents from January 2023 indicate Bankman-Fried reportedly had $50 million stashed in the bank.
Fed Puts Brakes on Alameda-Funded Farmington: Another Bank Bites the Dust
Farmington State Bank (Moonstone Bank) is complying with the U.S. central bank’s cease and desist order signed July 18, 2023. The Federal Reserve Board and Washington State Department of Financial Institutions (WDFI) issued the order against Farmington State Bank of Farmington, Washington, and its holding company, FBH Corporation of Baltimore, Maryland.
The regulators determined Farmington violated commitments to regulators by engaging in digital asset activities, such as stablecoin issuance, without necessary approvals. Farmingt
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