Fed issues enforcement action with Farmington State Bank
posted 18 Aug 2023
The Federal Reserve enforced the closure of Farmington State Bank, a lender that has ties with both FTX and Alameda Research.
But what led to this? The bank's silent move towards a digital-centric strategy without keeping the Federal Reserve in the loop.
To thicken the plot, Farmington had previously, in March 2022, secured a substantial $11.5 million funding from Alameda Research.
But what led to this? The bank's silent move towards a digital-centric strategy without keeping the Federal Reserve in the loop.
To thicken the plot, Farmington had previously, in March 2022, secured a substantial $11.5 million funding from Alameda Research.
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