Iowa's Insurance Division has ordered the firm pay a $943,396.22 fine as part of a broader settlement with securities regulators across the US announced in February.
Iowa's consent order is part of a multi-state investigation with the SEC and state securities regulators from 53 jurisdictions that make up the North American Securities Administrators Association , according to the release. That investigation confirms that$50 million to the 53 jurisdictions and $50 million to the SEC in fines in a $100 million settlement with the SEC.
The Iowa consent order alleges BlockFi misrepresented the level of risk in its loan portfolio in addition to selling unregistered securities. "Specifically, BlockFi stated in multiple website posts that its institutional loans were 'typically' over-collateralized when in fact most loans were not over-collateralized," said the order.
According to the order, less than a quarter of the loans were over-collateralized in 2019, and less than 20% in 2020 and 2021.Aislinn Keely joined The Block as a reporter intern in the summer of 2019. She previously helmed her college newspaper, The Fordham Ram, as its editor-in-chief. There, she covered university life and money. She also lent her voice to the NPR affiliate WFUV, where she reported and anchored newscasts in addition to some podcast work.
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