SEC Seeks Personal Financial Information of Ripple Executives

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Photographer: Andrew Harrer/Bloomberg

The U.S. Securities and Exchange Commission is seeking personal financial information of two Ripple Labs Inc. executives in a lawsuit where it claims the company misled investors in the cryptocurrency XRP by selling the virtual tokens without registering.

Ripple co-founder Christian Larsen and Chief Executive Officer Bradley Garlinghouse on Thursday asked a federal judge to block subpoenas sent to six banks seeking eight years worth information, saying the request is a “wholly inappropriate overreach” in a suit that doesn’t involve alleged fraud.

They say there is no allegation that their finances were intermingled with those of Ripple and that regulators are demanding everything from the proceeds of unrelated business transactions to “how much money they spend at the grocery store every week.”

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