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CATEGORY: galois capital


Sep 04, 2024 12:05

Crypto Firm Galois Capital Faces $200K Fine From US SEC For Investor Violations

The US Securities and Exchange Commission (SEC) has announced a settlement with troubled crypto hedge fund Galois Capital. The SEC charged Galois with failing to meet critical requirements for safeguarding customer assets, including those the agency stated were “securities”. Related Reading: Bullish Alert For Dogecoin: TD Indicator Flashes Buy Signal As $0.10 Target Looms FTX Costs Galois Capital Half Of Managed Assets According to the SEC’s announcement on Tuesday, Galois Capitals missteps began in July 2022 when the firm allegedly did not ensure that certain crypto assets held by its private fund were maintained with a qualified custodian, violating the Investment Advisers Acts Custody Rule.  Instead, the agency claims that the crypto company kept these assets in online trading accounts on platforms like FTX Trading, which were not recognized as “qualified custodians.” The fallout from this decision was significant. Following the collapse of FTX in November 2022, approximately half of the assets under Galoiss management were lost. Settlement Reached The SEC also alleged on Tuesday’s announcement that Galois misled its investors about the notice required for redemptions. Some investors were told that they had to provide at least five business days’ notice before the end of the month. In contrast, others were allowed to redeem their investments with less notice, which the SEC said “created an uneven playing field among fund participants.” Corey Schuster, co-chief of the SEC Enforcement Division’s Asset Management Unit, said:  By failing to comply with Custody Rule provisions, Galois Capital exposed investors to risks that fund assets, including crypto assets, could be lost, misused, or misappropriated.  Related Reading: Stacks (STX) Drops 15% Despite Continuous On-Chain Developments Details As part of the settlement, Galois Capital has agreed to pay a civil penalty of $225,000, which will be distributed to investors who suffered losses due to the firm’s actions.  The company has also consented to an order requiring it to cease any further violations of the Advisers Act, while neither admitting nor denying the SEC’s findings. Featured image from DALL-E, chart from TradingView.com

Feb 21, 2023 01:20

Crypto Hedge Fund Galois Capital to Shut Down due to FTX Losses

Crypto hedge fund Galois Capital is winding down its operations after having lost roughly half of its assets to FTX. 16 Cents on the Dollar The crypto industry is still...

Feb 20, 2023 06:30

Crypto Fund Galois Capital Closes Firm Following the Collapse of FTX

Galois Capital, a San Francisco-based crypto investment firm, has announced that it is closing down. The firm confirmed the news in a tweet on Monday, [...]

Feb 20, 2023 07:50

Galois Capital Shuts Down Over FTX Loss, Returns Funds

Galois Capital will shut down its operation after losing almost half of hedge fund’s capital when crypto exchange, FTX collapsed.

Continue reading at DailyCoin.

Nov 13, 2022 02:41

Galois Capital Declares Half of its Funds is Stuck with FTX


Galois Capital has revealed it has significant exposure to the bankrupt FTX (Read More)

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