Genesis Agrees To $21 Million Penalty, With Bankruptcy Claims To Be Paid First

Genesis Global Capital agreed to pay a $21 million civil penalty as part of a settlement over charges it engaged in the unregistered offer and sale of securities through Gemini Earn. A permanent injunction has been imposed, according to a press release from the United States Securities and Exchange Commission. Payment to the SEC will only follow the payment of all allowed claims by the bankruptcy court. As noted by the agency, this includes retail investors from Gemini Earn. 

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