The Daniel Patrick Moynihan U.S. Courthouse in the Southern District of New York, at 500 Pearl St. (Photo: Ryland West/ALM) International Crypto Bank Faces New York Securities Fraud Class Action Lawsuit
"It was a cutting-edge bank and should have been a great success, but the CEO misrepresented the financials and allegedly stole the money," said Jeffrey W. Gutchess, a partner at AXS Law Group.
September 05, 2024 at 04:51 PM
3 minute read
What You Need to Know
- Migom Global Corp., its subsidiary and others are facing a securities fraud class action lawsuit in New York.
- Migom Bank Ltd. is one of the few licensed cryptocurrency banks worldwide and was once the rising star of the Dominica-based fintech sector.
- The stock, once valued at over $100 per share, has become worthless, investors alleged in the lawsuit.
An international cryptocurrency bank has been hit with a securities fraud class action lawsuit in a federal district court in New York after the CEO of its parent company allegedly siphoned customer deposits and misled investors, leading to hundreds of millions of dollars in investor losses.
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