Genesis started a program named Gemini Earn, the attorney general filed a lawsuit against it in October 2023. They claimed it to be a fraudulent program for inverters.
The attorney general for NewYork, Letitia James claimed that her office was successful in receiving a $2 Billion settlement from Genisies. This money is for the victims who got scammed in this program.
In a notice shared on May 20, AG said that the bankruptcy court had approved a $2 Billion settlement between the authorities and Genesis Global Capital, Genesis Asia Pacific, and Genesis Global Holdco. This settlement amount will be returned to the investors as compensation, and the authorities will ban this company from operating in New York.
The AG claimed that they were “lying and cheating investors” as they deposited more than $1.1 Billion in their program.
