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Silvergate ex-CFO loses bid to dismiss SEC fraud suit [Yahoo! Finance]

Shoulder Innovations, Inc. (SI) 
Last shoulder innovations, inc. earnings: 4/29 06:25 am Check Earnings Report
US:NYSE Investor Relations: siemens.com/investor
Company Research Source: Yahoo! Finance
A federal judge this week denied a motion by the ex-CFO of the defunct Silvergate Bank to toss a securities fraud complaint brought against him by the Securities and Exchange Commission. The opinion paves the way for the fraud case filed by the SEC last year to proceed. The suit alleges former finance chief Antonio Martino “engaged in a fraudulent scheme to mislead investors about the Bank's dire condition,” after the 2022 bankruptcy of the crypto exchange FTX led to a “bank run and severe liquidity crisis” for Silvergate, according to the complaint. The CFO's role in company's earnings presentations and reporting are at the heart of the case, which alleges Martino approved false information in an earnings release which “understated the Bank's losses … and overstated a key leverage metric” for the bank and its parent company; that he made false and misleading statements on an earnings call; and that he “falsified the Bank's financial statements and failed to devise and maintain i Show less Read more
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