(2023)
NYAG v. Gemini, Genesis, DCG
Year
2023
Criminal or Civil
Civil
Year Resolved
N/A (Lawsuit filed October 19, 2023)
Jurisdiction (Court/State)
New York State Supreme Court (civil jurisdiction under the NY Martin Act)
Filed By
New York Attorney General Letitia James (Office of the Attorney General – OAG)
Penalty/Fine (USD)
Ongoing — AG is seeking restitution of over $1 billion and disgorgement; no final judgment or settlement yet.
Lawsuit Overview
NY Attorney General Letitia James filed a lawsuit against Gemini, Genesis, and DCG for defrauding more than 230,000 investors—including 29,000 New Yorkers—of over $1 billion. The case alleges Gemini misled investors about the safety of its Earn program, while Genesis and DCG concealed a $1.1 billion loss through a deceptive promissory note scheme. The suit seeks to ban the companies from operating in New York and to secure restitution and disgorgement.
Category
Investor Fraud, Securities Law Violation, Misrepresentation, Deceptive Practices
Notable Individuals Involved
Soichiro Moro (Former CEO, Genesis)
Barry Silbert (CEO, DCG)
Sam Bankman-Fried (related counterparty through Alameda)
Letitia James (New York Attorney General)
Investor Loss Estimate
Over $1 billion lost by more than 230,000 investors
Final Outcome
Pending
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