“The Nevada Financial Institutions Division (‘NFID’) was actively monitoring the solvency of Prime Trust, LLC (‘Prime’) in anticipation of a potential acquisition or merger,” the spokesperson said. “Ultimately, Prime failed to safeguard assets under its custody and cannot meet all client withdrawals. As such, Prime has breached its fiduciary duties to its clients, in violation of Nevada trust laws. NFID’s primary objective is to preserve any enterprise value remaining in Prime for the benefit of Prime’s clients.”
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