Moonstone Bank chief legal officer Joseph Vincent, a former top banking regulator, has left the financial firm, after being with the bank for just eight months.
Vincent joined Moonstone, one of the smallest banks in the country, which gained national attention late last year for its ties to FTX, in May 2022. Moonstone heralded Vincent’s hire in a Facebook post on LinkedIn. “We are delighted to share this exciting news,” Moonstone wrote.
Prior to joining Moonstone, Vincent spent 18 years as a top official in Washington’s Department of Financial Institutions, which is the state’s banking regulator. Vincent is also an adjunct legal professor at Seattle University School of Law, according to the school’s Web sitesi.
Vincent'ın LinkedIn page has been updated to say he left Moonstone last month. A spokesperson for Moonstone confirmed to Protos that Vincent is no longer employed by the bank, but declined to provide any further details about his exit. Vincent could not be reached for comment.
Vincent is leaving Moonstone at a time when the bank seems to be in need of some legal assistance.
The FDIC and the Federal Reserve have both said that they’re looking into Moonstone’s FTX'e bağlı. Last month, Senators Elizabeth Warren, Democrat of Massachusetts, and Tina Smith, Democrat of Minnesota, wrote harfler to top banking regulators asking for more information about the US financial system’s ties to off-shore crypto exchanges. They also sought new information from the Fed and others about Moonstone’s relationship with FTX.
On Wednesday, US federal authorities said that they were moving to seize hundreds of millions of dollars of FTX assets, including $50 million worth of deposits at Moonstone, or about 60% of all the deposits held at the bank. According to its most recently filed financial statements with the FDIC, Moonstone had $84 million in total deposits.
Until recently, Moonstone was known as Farmington State Bank, which is located in the small town of Farmington in eastern Washington. The bank has a single branch, and prior to 2022, had less than a handful of employees. The bank changed its name to Moonstone in early 2022, just days before it received a $11.5 million investment from Alameda Research, a hedge fund that was also founded by FTX’s founder Sam Bankman-Fried.
Source: https://protos.com/chief-legal-officer-departs-ftx-linked-moonstone-bank/