Invested in
Silvergate Capital?
Contact investor lawyers for a free evaluation of your potential claims for compensation today.
- Did you invest in Silvergate Capital Corporation (NYSE: SI) in or before November 2021?
- Are you concerned about the SI stock price decline following recent reports alleging the company’s exposure to FTX and failure to prevent money laundering?
- Would you like your potential options for compensation and/or redress to be reviewed by an experienced team of investor lawyers?
Request a free case evaluation of your potential claims for compensation today, via email at arosca@rscounsel.law, through the contact form on this page, or by calling 888-998-0530.
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Free Case Evaluation
The Silvergate Class Action Investigation page is the resource for investors who bought Silvergate shares and would like to evaluate compensation claims.
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Posted January 18, 2023
Silvergate Investigation
Securities attorneys Alan Rosca, Paul Scarlato, and Kathryn Weidner have been investigating alleged securities violations, corporate misconduct, and misrepresentations, as well as questionable business practices involving Silvergate Capital Corporation, and have identified potential areas of concern for Silvergate investors.
What Silvergate Capital Investors May Do
SI investors interested to evaluate potential options to seek compensation and/or pursue claims related to their Silvergate investment may contact investor rights attorneys Alan Rosca, Paul Scarlato, or Kathryn Weidner. Claims that are not timely pursued may expire or otherwise be lost, generally speaking.
Get in Touch with an Experienced Team of Investor Attorneys
Attorneys Rosca, Scarlato, and Weidner have extensive experience in seeking compensation related to investor harm and pursuing claims arising out of alleged violations of securities law and/or corporate misconduct, and are currently evaluating potential claims on behalf of investors in Silvergate Capital Corporation
They typically work on a contingent fee basis, do not require any money down from their clients, advance case expenses, and only get paid for their fees and expenses if and when successful, following review and approval by the Court of any fee application.
Concerned SI stock investors may contact attorneys Alan Rosca, Paul Scarlato, or Kathryn Weidner to discuss their potential options toll free at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.
Potential Compensation Claims
FTX Exposure and Money Laundering Allegations Involving Silvergate Capital; SI Stock Price Plummets
According to an article published on Seeking Alpha on November 9, 2022, the SI stock price declined 5% following a statement by Wedbush’s analyst David Chiaverini pointing to rumors that Silvergate Capital had a line of credit out to FTX. Towards the end of October 2022, Seeking Alpha reportedly warned investors that the SI stock was likely to perform badly due to negative EPS revisions and decelerating momentum, and reported that Goldman Sachs downgraded the stock to neutral following disappointing Q3 earnings.
On November 15, 2022, an investor and short seller known as Marcus Aurelius Research published a link to court documents filed in a forfeiture case filed in the Circuit Court of Broward County, Florida, that reportedly revealed $425 million being transferred from Silvergate bank accounts to money launderers in South America. Following the news, the SI stock price reportedly fell approximately 17%.
Two days later, a researcher behind The Bear Cave project published an article highlighting Silvergate Capital’s exposure to FTX, and on the same day the SI stock reportedly declined additional 11%.
On December 9, 2022 a Financial Times article indicated that Silvergate was subject to a letter from US senators to the bank’s chief executive Alan Lane allegedly placing Silvergate “at the centre” of how money were moved in “Bankman-Fried’s crypto empire” and warning the company that failure to detect the FTX scheme points to potential breach of anti-money laundering laws. The letter from US Senators dated December 5, 2022 may be viewed here.
Over the last year the SI price per share lost close to 90% of its value, according to data as of December 27, 2022. Investors who bought Silvergate Capital shares in or before September 2021 may be able to file claims for compensation for their losses.
Silvergate Class Action Lawsuits Alleging Misconduct
Silvergate Capital Corporation, Alan J. Lane, Antonio Martino, and several other Silvergate related parties have been the subject of four recent class action lawsuits.
Silvergate and its control persons are accused, among others, of allegedly making materially false and/or misleading statements, and/or failing to disclose that due to Silvergate’s failure to implement sufficient controls and procedures Silvergate’s customers allegedly engaged in money laundering exceeding $425 million. The class action lawsuits further alleged that as a result the company risks regulatory scrutiny and reputational harm.
Two of the Silvergate class actions also accuse the company of playing an active role in perpetrating the FTX alleged fraud and failure to detect problematic transactions between FTX and its related company, Alameda Research.
Potential Claim for Compensation for Silvergate Shareholders
Investor rights attorneys Alan Rosca, Paul Scarlato, and Kathryn Weidner at Rosca Scarlato are investigating potential options and are evaluating potential claims for compensation on behalf of SI shareholders. They have decades of combined experience representing victims of corporate or financial misconduct.
If you are a Silvergate investor concerned about your investment and/or its value, you may contact attorneys Alan Rosca, Paul Scarlato, or Kathryn Weidner to learn more about your rights and for an evaluation of your potential claims, or to provide useful information.
All consultations are free. The Rosca Scarlato attorneys typically take cases like this on a contingency fee basis, advance all case costs, and only get paid for their fees and expenses if and when they are successful, following review and approval by the Court of any fee application.
To reach attorney Alan Rosca or his colleagues, Silvergate investors may call 888-998-0530, email arosca@rscounsel.law, or leave a message through the contact form on this webpage.
The general considerations on this page are for informational purposes only and do not constitute legal advice. Such legal advice can only be offered once the attorneys discuss each investor’s situation, learn of the relevant facts and can tailor any advice to that investor’s facts. The Silvergate Class Action Investigation page is not affiliated with Silvergate Capital Corporation.
Contact info:
Rosca Scarlato LLC – 216-946-7070 / 888-998-0530.
Alan Rosca – arosca@rscounsel.law
Paul Scarlato – pscarlato@rscounsel.law
Kathryn Weidner – kweidner@rscounsel.law
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DISCLAIMER
In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow matters about which we report, and/or to publish subsequent updates regarding various developments that may occur in such matters. Readers are encouraged to conduct their own research regarding any such matters and any developments that may or may not have occurred in such matters. Also, the Brokercheck report linked to some of our blogs is the up-to-date version as of the date of accessing by the reader. The information in our blogs is current as of the date of the drafting of the blog, and given that sometimes certain past complaints may no longer be listed in newer Brokercheck reports, some of the events referenced in some of our blogs may later on be removed from newer Brokercheck reports. Visitors may check the most recent version of each brokercheck report at www.finra.org, and may contact FINRA for the earlier version of the Brokercheck report upon which various blogs may be based.