SVB execs sold millions of their company stock in lead up to collapse, federal disclosures show
Less than two weeks before Silicon Valley Bank became the largest bank failure since the 2008 financial crisis, top executives at the company sold stock totaling several million dollars, according to federal disclosures obtained by ABC News.
Former SVB President and CEO Greg Becker sold over $3.5 million of his company stock holdings on Feb. 27, according to a disclosure made to the U.S. Securities and Exchange Commission filed on March 1.
Becker wasn't the only member of SVB's top brass to sell company common stocks. In a separate FEC disclosure, also filed March 1, SVB Chief Financial Officer Daniel Beck sold $575,180 in company common stocks on Feb. 27.
ABC News reported this week that the Justice Department and Securities and Exchange Commission are probing the collapse of Silicon Valley Bank, according to two people familiar with the situation.
The probes, which are separate, are in the preliminary stages and it is not clear whether any wrongdoing has been committed. It is not unusual after a large public collapse of a bank or company for the Justice Department or SEC to step in and investigate.
