Bradley Garlinghouse and Christian Larsen, Ripple executives, have rejected claims by the U.S. Securities and Exchange Commission to provide personal financial information as part of an ongoing investigation into a possible breach of XRP sales.
Attorneys for the co-founders of Ripple Labs applied for a protection order regarding their personal information on March 11 and asked the court to discontinue subpoenas issued to six of the accused’s banks.
The specifically mentioned banking institutions were SVB Financial Group, First Republic Bank, the Federal Reserve Bank of New York, Silver Lake Bank, Silvergate Bank and Citibank.
Advocates for Garlinghouse and Larsen argued that the SEC had reached the proper breadth of its investigation too much when it alleged that the defendants had mixed their personal finances with those of Ripple Labs. The submission of Thursday reads:
“The SEC’s multi-frontal attempt to disclose the personal financial information of the individual accused in a fraud – free trial, where the accused has already agreed to provide the relevant information regarding the disputed transactions, is a completely inappropriate agreement. . “
The “disputed transactions” in question relate to the unregistered sale of XRP 14.6 billion that began in 2013 – an amount worth $ 1.38 billion at the time of the complaint, now $ 6.5 billion.
The legal team for Garlinghouse and Larsen makes it clear that their clients are willing to work together on financial records regarding the XRP sales, including trade records, and the documentation of the compensation both received from Ripple.
“In particular, the individual defendants agreed to (a) prepare trade records regarding the sales of XRP challenging the SEC in this case, and (b) financial records regarding the compensation they received from Ripple,” it reads. the documentation.
According to the advocates, financial records regarding unrelated business operations and the expense accounts of today do not apply to the case. The documentation reads:
“As explained, these requests therefore demand everything from the proceeds of unrelated business activities to how much money they spend in the grocery store each week.”
The subpoenas issued by the SEC call for years of transaction data and monthly statements of Garlinghouse and Larsen’s personal bank accounts, including images of all money orders, checks and electronic fund transfers.