The settlement, outlined in a filing from the NYAG, claims Galaxy bought LUNA in 2020. At the same time, it promoted and sold its holdings without disclosing its intent to sell, thereby violating the Martin Act and New York Executive Law, according to the NYAG. In the settlement agreement, the regulator says Michael Novogratz was among LUNA’s most vocal supporters, admitting in a moment that Galaxy “helped ‘kickstart’ interest in Luna through its marketing efforts.”