Voyager misled investors with claims concerning FDIC deposit insurance and the company is accused of violating the Federal Deposit Insurance Act.
“The FDIC and the Board of Governors of the Federal Reserve System have reason to believe that Voyager Digital, LLC, and its related-entities, by and through their officers, directors, and employees have made false and misleading statements, directly or by implication, concerning Voyager’s deposit insurance status, in violation of 12 U.S.C.
These representations are false and misleading and, based on the information we have to date, it appears that the representations likely misled and were relied upon by customers who placed their funds with Voyager and do not have immediate access to their funds. Voyager is now mandated to remedy the issue by removing any false statements suggesting in any form that Voyager is insured by the FDIC. Voyager has two business days to comply with the government’s request. If Voyager thinks the FDIC’s claims are inaccurate, the company can attempt to prove it via provided information and documentation.
The FDIC wants a “prompt response” or it will have to take “further action, as appropriate, with respect to the foregoing or any other violations of law or regulation, or unsafe or unsound banking practice.”
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