| SEC
Sues Gemini
Trust and
Genesis
Capital Citing
Gemini Earn
and Seeking
Injunctions
By Matthew
Russell Lee, Patreon Maxwell
book
SDNY COURTHOUSE,
Jan 12 –
Amid news that
DCG has
received
requests for interviews
and documents
from
Eastern
District of
New York
prosecutors,
on
January 12,
2023 the US
Securities and
Exchange
Commission
filed a
lawsuit
against Genesis
Global Capital,
LLC and Gemini
Trust
Company, LCC -
Inner City
Press first
report here.
The SEC
complaint
leads with "Gemini
Earn," and
seeks
permanent
injunctions.
We'll have
more on this.
This
case is Securities and
Exchange Commission
v. Gemini
Trust Company,
LLC et al.,
23-cv-287
(Unassigned)
Previously
in the
SDNY, Gemini
Trust Company,
LLC was hit
with a class
action lawsuit
between
Christmas and
New Years,
where Inner
City Press is
in-person
covering
it.
Brendan
Picha and Max
J. Hastings,
"on behalf of
all others
similarly
situated,"
sued Gemini,
Cameron
Winklevoss and
Tyler
Winklevoss for
"repeated
false and
misleading
statements."
Their
complaint
recounts how
"on or about
November 16,
2022, Gemini
halted the
Gemini Earn
program and
refused to
honor any
further
investor
redemptions."
On
January 3,
Cameron
Winklevoss
published an
open letter to
Barry Silbert.
Silbert
replied, "DCG
did not borrow
$1.675 billion
from
Genesis
DCG has never
missed an
interest
payment to
Genesis and is
current on all
loans
outstanding;
next loan
maturity is
May 2023
DCG delivered
to Genesis and
your advisors
a proposal on
December 29th
and has not
received any
response."
The
SDNY case is
Picha, et al.
v. Gemini
Trust Company,
LLC, et al.,
22-cv-10922
(Buchwald)
***
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