Silbert’s DCG to Pay $38 Million in a Settlement With SEC (1)

Barry Silbert’s Digital Currency Group and the former chief executive officer of a now-defunct subsidiary, Genesis Global Capital LLC, will pay $38.5 million to resolve US Securities and Exchange Commission allegations that they misled investors about the subsidiary’s financial condition, the regulator said.

“It is vital that companies and their officers speak truthfully to the investing public, especially in times of financial instability or turmoil,” Sanjay Wadhwa, acting director of the SEC’s Division of Enforcement, said in a statement Friday.

DCG and Genesis’s former CEO, Soichiro “Michael” Moro, downplayed the impact of a roughly $1 billion loss suffered ...