An international cryptocurrency bank has been embroiled in a securities fraud class action lawsuit in a federal district court in New York. According to allegations, the CEO of the bank’s parent company misappropriated customer deposits and misled investors, leading to substantial financial losses for investors.
Jeffrey W. Gutchess, a partner at AXS Law Group in its Miami and Los Angeles offices, represents the plaintiff, AMJ Global Entertainment LLC. The lawsuit names Migom Global Corp., a U.S. publicly traded company; Migom Bank Ltd., its subsidiary; and Thomas Schaetti, its largest shareholder and CEO, as defendants.
“It was a cutting-edge bank and should have been a great success, but the CEO misrepresented the financials and allegedly stole the money,” Gutchess stated.
For detailed information on the ongoing litigation, you can access the original article on the New York Law Journal.