Editor's Pick 26-04-2024 14:25 9 Views

DCG Boosts Legal Arsenal with First Chief Hire During New York AG Dispute

Digital Currency Group (DCG), parent firm of bankrupt crypto lender Genesis, has brought on its first-ever chief legal officer as it faces a lawsuit from New York’s Attorney General.

In a statement on Thursday, DCG said it has appointed Aimie Killeen as its legal chief. Prior to this appointment, she served as chief legal officer at Billtrust, a software and payments company.

She will start her new role on May 1, overseeing international legal matters, mergers and acquisitions, and compliance, according to a statement.

“We are pleased to welcome Aimie to DCG’s leadership team as we execute on our growth plans while we continue to navigate the industry’s evolving landscape,” DCG CEO Barry Silbert said in a statement.


Legal Challenges Prompt DCG’s Hire

Before Billtrust, Killeen spent nine years at Australian law firm Ashurst. Then, she became a top lawyer at DirectCash, a financial services company. After DirectCash was acquired by CardTronics, an ATM manufacturer, she became an executive vice president there.

The appointment comes as DCG has faced legal challenges recently. In Jan. 2023, its subsidiary Genesis filed for bankruptcy after FTX exchange’s collapse.

DCG Grapples with Investor Fraud Allegations

The firm is currently facing a lawsuit alleging investor fraud. Last month, CEO Silbert sought to dismiss the lawsui filed by New York AG Letitia James. Filed in October and expanded later, the suit claims DCG concealed losses from investors tied to Gemini Earn, defrauding them of $3b.

Further, it alleges that DCG and Silbert hid financial irregularities via a promissory note between the parent company and Genesis.

The lawsuit aims to bar Gemini, Genesis, and DCG from financial investment activities in New York and to obtain compensation for investors and recovery of any unlawfully acquired profits.

The post DCG Boosts Legal Arsenal with First Chief Hire During New York AG Dispute appeared first on Cryptonews.

Other news