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<ul><li>A disgruntled investor has filed a lawsuit against BlockFi and Gemini executives</li><li>The lawsuit alleges that the executives violated securities laws by promoting unregistered securities to investors</li><li>The investor is seeking compensation for damages and an injunction to prevent further violations</li></ul><h3 id="allegations-of-wrongdoing-and-breach-of-fiduciary-duty-in-crypto-investment-platforms">Allegations of Wrongdoing and Breach of Fiduciary Duty in Crypto Investment Platforms</h3>Investor Trey Greene has filed a class-action complaint against BlockFi&#39;s founders, directors, and crypto exchange Gemini, alleging numerous wrongdoings, including violating consumer fraud and exchange acts, breaching fiduciary duties, and offering and selling unregistered securities.According to the complaint filed in the U.S. District Court for the District of New Jersey, Greene invested over $1.5 million in BlockFi&#39;s interest accounts, which earned over $400,000 in capital gains and interest that was re-invested. However, Greene is now unable to withdraw the funds after BlockFi froze all withdrawals on Nov. 10, the same day that FTX filed for bankruptcy.Greene alleges that the defendants marketed and sold unregistered securities through misleading information and material omissions, resulting in his investment. The accusation has raised serious questions about the legitimacy of BlockFi&#39;s operations and Gemini&#39;s role in the process.The case highlights the risks of investing in <a href="https://www.coingabbar.com/en/crypto-blogs-details/these-five-ai-cryptocurrencies-are-trendsetters-for-twentythree-two" rel="noopener noreferrer nofollow">cryptocurrencies</a> and the need for greater transparency and regulation in the industry. As the case unfolds, it will be interesting to see how it impacts the crypto market and the measures taken to protect investors from similar incidents in the future.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/4a3d18c44d6f418699002a135fd7c6c2.png" />Greene further alleges that he was misled into purchasing the &#34;unregistered securities&#34; by BlockFi founders Zac Prince and Flori Marquez, who falsely claimed that the offerings were similar to federally-insured <a href="https://www.coingabbar.com/en/crypto-blogs-details/are-the-banks-up-for-a-final-battle-against-cryptocurrencies" rel="noopener noreferrer nofollow">bank</a> products.On February 14th, the Securities and Exchange Commission charged BlockFi with &#34;failing to register the offers and sales of its retail crypto lending product,&#34; and the company subsequently admitted that its interest accounts were unregistered securities during the proceedings, resulting in a $50 million settlement on February 15th.Tyler Winklevoss Gemini had previously been responsible for the custody of BlockFi&#39;s clients&#39; crypto holdings through its custodial services, and it is alleged that they misrepresented the accessibility of these funds to customers.Trey Greene&#39;s class-action complaint against BlockFi&#39;s founders, directors, and crypto exchange Gemini has accused them of violating the Consumer Fraud Act, and the Exchange Act, and breaching fiduciary duties.Greene seeks damages for each count, including treble damages for Consumer Fraud Act violations, a full refund of funds acquired by the defendants and accrued interest, and a judgment preventing similar violations in the future. The complaint represents any BlockFi stockholders who purchased unregistered BlockFi Interest Accounts between March 4, 2019, and November 10, 2022.The defendants have 21 days to respond to the complaint, or they will be required to pay the full amount demanded by Greene. The case highlights the need for greater transparency and regulation in the cryptocurrency industry to protect investors from similar incidents in the future.Also, read - <a href="https://www.coingabbar.com/en/crypto-currency-news/robinhood-brings-its-wallet-functionality-to-the-ios-platform" rel="noopener noreferrer nofollow">Robinhood Brings its Wallet Functionality to the iOS Platform</a>

Disgruntled Investor Files Lawsuit Against BlockFi and Gemini Executives

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Alte articole publicate pe 3 mar. 2023

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