Crypto NewsNewsSEC Shock to the US Bank Investing in Bitcoin Mining! It has...

SEC Shock to the US Bank Investing in Bitcoin Mining! It has been claimed that an investigation has been opened!

The investment bank may be under investigation for its relationship with a co-conspirator in an ongoing U.S. Department of Justice criminal case.

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Investment bank B. Riley is embroiled in an undisclosed investigation by US authorities over its transactions with Brian Kahn, an alleged co-conspirator in the ongoing US Department of Justice (DOJ) criminal case.

SEC Investigates B. Riley's Alleged Links to DOJ Case Co-Conspirator

The investigation, reported by Bloomberg and citing anonymous sources, has raised questions about the bank's relationship with Kahn and its potential impact on the crypto industry.

Riley is reportedly under investigation by US authorities over his dealings with Brian Kahn, a central figure in a criminal case being pursued by the US Department of Justice. The nature and scope of the investigation has not yet been disclosed.

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Riley released a statement saying he was not aware of any SEC investigation.

The bank expressed its commitment to full cooperation should an investigation occur. In the statement, the Bloomberg report was described as a “parrot of baseless claims” made by short traders who had previously aimed to harm the company.

B. Riley has made significant investments, especially in the Bitcoin mining industry.

In September 2023, it signed a deal with Bitcoin miner Iris Energy to acquire up to $100 million in equity. Additionally, the bank provided a $70 million loan to Bitcoin miner Core Scientific during the Chapter 11 bankruptcy process.

*This is not investment advice.



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