The New York Attorney General, Letitia James, has filed a lawsuit against Gemini Trust, Genesis Global, and Digital Currency Group (DCG), along with their respective executives. The complaint alleges that these companies were involved in fraudulent activities that defrauded customers. The lawsuit claims that Gemini provided funds to Genesis as part of its Earn program, which were then lent out to other parties. However, when bankruptcies occurred in the industry, Genesis faced significant losses. The lawsuit also accuses DCG of trying to cover up these losses by falsely claiming to have absorbed them. It is further claimed that Gemini made false assurances regarding the collateralization of Genesis' loans. The complaint reveals that Genesis instructed employees not to disclose a promissory note to Gemini, and the company actively concealed information about the note and the losses it represented. The lawsuit seeks to restrict the defendants from engaging in certain activities in New York and demands damages and penalties for their alleged fraudulent activities. DCG has reached a preliminary agreement with Genesis creditors to settle the claims.
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