{"id":17395,"date":"2023-03-15T02:42:24","date_gmt":"2023-03-15T02:42:24","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/doj-and-sec-to-probe-svb-collapse-and-insider-stock-sales-report\/"},"modified":"2023-03-15T02:42:26","modified_gmt":"2023-03-15T02:42:26","slug":"doj-and-sec-to-probe-svb-collapse-and-insider-stock-sales-report","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/doj-and-sec-to-probe-svb-collapse-and-insider-stock-sales-report\/","title":{"rendered":"DOJ and SEC to probe SVB collapse and insider stock sales: Report"},"content":{"rendered":"
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The United States Justice Department and the Securities Exchange Commission (SEC) have reportedly launched inquiries into the sudden collapse of Silicon Valley Bank (SVB) \u2014 which was shuttered by regulators last week amid a historic bank run.\u00a0<\/p>\n
According to \u201cpeople familiar with the matter,\u201d \u2014 cited in a March 14 report from The Wall Street Journal \u2014 the probes will look into events that led to the bank collapse, along with the stock sales SVB financial officers undertook in the weeks leading up to the closure. <\/p>\n
Securities filing show the bank\u2019s CEO Greg Becker and CFO Daniel Beck sold shares two weeks before the bank’s failure, sparking outrage from some observers. <\/p>\n
Becker sold $3.6 million worth of shares on Feb. 27, while Beck sold $575,180 in stocks that same day, according to Newsweek. Altogether, SVB executives and directors cashed out $84 million worth of stock over the past two years, CNBC reported. <\/p>\n