Silicon Valley Bank Disaster Under Investigation by Justice Department and SEC

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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

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