The post NYAG Accuses Gemini and Genesis of Concealing $1.1 Billion in Losses! appeared first on Coinpedia Fintech News
The New York Attorney General Letitia James has filed a complaint against crypto exchange Gemini, crypto lending firm Genesis, crypto investment company DCG, and two executives, alleging that they conspired to fraudulently represent Genesis’ financial condition to hide a $1 billion hole in its finances. The complaint claims that Gemini took money from the public under false pretenses and that the defendants “disguised $1.1 billion in losses through a months-long campaign of misstatements, omissions, and concealment.” The NYAG is seeking damages, penalties, and a restriction on the defendants’ involvement in the sales of securities and commodities in New York.
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