Ripple execs refute SEC investigation of personal finances as overreach.

[Malam90]

Ripple executives Bradley Garlinghouse and Christian Larsen have rejected demands by the United States Securities and Exchange Commission to provide personal financial information as part of the ongoing investigation into a possible XRP sales securities violation.

On March 11, lawyers for the Ripple Labs co-founders requested a protective order regarding their personal information and called for the court to quash subpoenas issued to six of the defendants’ banks.

The banking institutions named specifically were SVB Financial Group, First Republic Bank, the Federal Reserve Bank of New York, Silver Lake Bank, Silvergate Bank and Citibank.

Lawyers for Garlinghouse and Larsen argued that the SEC had overreached the proper breadth of its investigations when it asserted that the defendants had intermingled their personal finances with those of Ripple Labs. Thursday’s filing stated:

“The SEC’s multi-front attempt to troll through the Individual Defendant’s personal financial information in a non-fraud litigation, where the Defendants have already agreed to produce the relevant information regarding the challenged transactions, is a wholly inappropriate overreach.”
The “challenged transactions” in question relate to the unregistered sale of 14.6 billion XRP beginning in 2013 — a sum worth $1.38 billion at the time of the complaint, now worth $6.5 billion.

The legal team for Garlinghouse and Larsen make clear their clients’ willingness to cooperate regarding financial records relating to the XRP sales, including trading records, and documentation of compensation that both have received from Ripple. Source Link