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.
Source: https://coinpedia.org/crypto-live-news/nyag-accuses-gemini-and-genesis-of-concealing-1-1-billion-in-losses/