Las US authorities are examining the collapse of Silicon Valley Bank looking for misconduct by managers, including if the executives’ share sales violated trading rules, a person familiar with the matter said.
The investigations, which are in the early stages, are being led by prosecutors from the Fraud Section of the Department of Justice for the Northern District of California and the United States Securities and Exchange Commission (SEC). said the person, who asked not to be named because the investigation has not been disclosed publicly. So far, no one at the bank has been accused of wrongdoing. and the investigation might end without charges being filed.
Representatives for SVB and the entity that has run the bank since its bankruptcy declined to comment.
What is happening at Silicon Valley Bank and what is causing panic in the United States?
It might not immediately be determined which executives are the focus of the investigations.
The Justice Department and the US Securities and Exchange Commission (SEC) declined to comment. The investigation was first reported by the Wall Street Journal.
On Sunday night, SEC Chairman Gary Gensler said that the agency is “particularly focused on monitoring market stability and identifying and prosecuting any form of misconduct” that might harm investors or markets, without naming any specific company.
MRI / ED
You may also like
