Prime Trust Has ‘Shortfall of Customer Funds,’ Nevada Regulator Says

“The Nevada Pecuniary Institutions Division (‘NFID’) was actively monitoring the solvency of Prime Trust, LLC (‘Prime’) in anticipation of a potential acquisition or amalgamation,” 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 levies to its clients, in violation of Nevada trust laws. NFID’s primary objective is to preserve any enterprise value remaining in Prime for the gain of Prime’s clients.”