SEC Charges Former Silvergate Executives Over Misleading AML Statements

Silvergate faces $63 million in penalties from federal and state regulators for compliance failures tied to FTX transactions.

Former CEO Alan Lane and Chief Risk Officer Kathleen Fraher settled with the SEC, paying $1.25 million in fines.
Former CFO Antonio Martino denies allegations and plans to contest the SEC's charges in court.
Silvergate failed to monitor $1 trillion in transactions, including $9 billion from FTX, according to the SEC.
The bank's collapse followed the downfall of FTX, leading to severe liquidity issues.
Federal Reserve and California's financial regulator imposed additional penalties for internal monitoring deficiencies.