Was Signature Bank already in the crosshairs of US justice?

A business in the business? – Since the administrative closure of the Signature Bank on March 12, the assumptions are going well. According Barney Frankformer member of the United States Congress and member of the board of directors of the bank in question, it is purely and simply of an anti-crypto act. If we believe thefederal administrationit was rather a question of a systemic risk, and thus save the national economy. But, new information published by Bloomberg today shed a different light and suggest that something else could have been going on behind the scenes. Details to follow.

A legal procedure opened before the closure?

The American media reports only one investigation would have been opened before the bank was closed by the Department of Justice (DoJ) in Washington and Manhattan about possible money laundering by the bank. Specifically, sources familiar with the matter say investigators were investigating whether the Signature Bank had taken all the necessary measures to detect possible “signs of crime” of its customers.

Two other people also claim, on condition of anonymity, that the Securities and Exchange Commission also “look at the file”. But the precise framework of this investigation is still uncertain. Besides, neither the SEC, nor the DoJ, nor the Federal Deposit Insurance Corporation – in charge of bank sales – did not wish to respond to the American media.

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The management of Signature Bank under the spotlight

At this time, no one can clearly say that the Signature Bank was closed following this investigation. However, by taking the course of eventswe notice retrospectively that the declarations of Gary Gensler Sunday afternoon, when the bank closes, could go in this direction. The manager of the DRY made the following statement:

“We will investigate and take enforcement action if we find violations of federal securities laws. »

Who was he talking about? Did he already have information? The only certainty is that the regulator claimed to have lost confidence in management after the bank failed to provide “reliable and consistent data” Sunday afternoon. And the SEC is not the only one to complain about the management of the banking institution. A group of shareholders actually filed a class action lawsuit on March 14. He accuses the management of Signature Bank of having claimed to be “financially sound” just three days before closing. These statements would have resulted in financial losses, the shareholders are therefore claiming damages.

This is what we could say today, Wednesday, March 15, about this case. Remember once again that no one is worried in this case and that the investigation could end without any prosecution. Eventually, after all this fuss, one might expect banks to run away from crypto, but if we are to believe some statements in off, It is not the case at all !

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