Silicon Valley Bank Disaster Under Investigation by Justice Department and SEC

HYFI Conference 2023

HCMC, VIetnam
20/04/2023

Dubai Fintech Summit 2023

Madinat Jumeirah, Dubai
08/05/2023
10/05/2023
27/05/2023
06/07/2023
14/07/2023

ETHToronto 2023

Toronto, Canada
13/08/2023
15/08/2023
Silicon Valley Bank Disaster Under Investigation by Justice Department and SEC

The fall of Silicon Valley Bank, the second-largest failure because the Great Financial Crisis in 2008, is being investigated by the Securities and Exchange Commission (SEC) and the U.S. Justice Department.

The Justice Department’s fraud division, the US Attorney’s Office for the Northern District of California, and the Securities and Exchange Commission are dealing with the early-stage investigations, in keeping with a Bloomberg report.

There will not be any costs or claims of misconduct as a consequence of the completely different investigations, that are nonetheless within the early phases. Also, solely days earlier than the Silicon Valley Bank failed, SVB Financial officers bought shares of inventory.

https cdn.cnn .com cnnnext dam assets 201124130733 department of justice headquarters file jpg

Greg Becker, the CEO of SVB Financial, and Daniel Beck, the CFO, allegedly each bought a part of their inventory the week earlier than the financial institution failed. On February 27, Becker made a revenue of round $2.3 million by promoting 12,451 shares.

Beck bought shares for little over $575,000, or virtually one-third of his SVB holdings, on the identical day.

Everyone was shaken by the Silicon Valley Bank collapse, which triggered severe monetary issues for a number of companies. Silicon Valley Bank was sued by its shareholders for failing to warn that rising rates of interest would make it “particularly weak” to a financial institution run.

Compiled by Coinbold

Top Gainers
NamePrice24h %
Top Losers
NamePrice24h %