Dan Och and a group of former executives of Sculptor have filed a lawsuit against the hedge fund, its directors, and suitor Rithm Capital over their most recent merger agreement. The lawsuit alleges breach of contract and seeks damages. The legal action comes as the New York Attorney General Letitia James charges Gemini Trust, Genesis Global, and DCG for defrauding 230,000 investors out of more than $1 billion. The civil lawsuit also accuses former Genesis CEO and DCG founder Barry Silbert of fraudulent activities. The allegations suggest that Genesis, Gemini, and DCG lied about their financial condition to conceal a $1 billion hole. The case is expected to have significant implications for the cryptocurrency industry.
NYAG Sues Genesis, Gemini, DCG for Defrauding Crypto Investors of $1 Billion ► https://t.co/dT8dKJjkZ1 https://t.co/dT8dKJjkZ1
JUST IN: @newyorkstateag filed suit against @Gemini, @genesistrading and @DCGco alleging Gemini knew Genesis’ loans were undersecured and at one point highly concentrated with one entity, but did not reveal this information to investors. By @shauryamalwa https://t.co/BCxmMF6QDi
New York Attorney General Letitia James announced Thursday that her office has charged Gemini Trust, Genesis Global and DCG for defrauding 230,000 investors out of more than $1 billion. The civil lawsuit also accuses former Genesis CEO and DCG founder Barry Silbert of attempting… https://t.co/P9F3h1wBVy
🚨BREAKING: NEW YORK ATTORNEY GENERAL CLAIMS DIGITAL CURRENCY GROUP, BARRY SILBERT, AND GENESIS LIED ABOUT THEIR FINANCIAL CONDITION TO CONCEAL $1B HOLE https://t.co/5ygylgPJAs
Dan Och and a group of former executives of Sculptor sued the hedge fund, its directors and suitor Rithm Capital over their most recent merger agreement https://t.co/8nTky01IL7