Silicon Valley Bank’s public filings reveal potential questions for investigators around insider stock sales and the lack of a chief risk officer for much of 2022, prior to the largest bank failure since the 2008 financial crisis, a law professor and former SEC enforcer told MarketWatch.
The Federal Reserve has announced a review of Silicon Valley Bank, to be publicly released by May 1. The Fed said it would study the supervision and regulation of the bank in light of its failure.Among the potential issues for a securities-law investigation is whether Silicon Valley Bank CEO Greg Becker violated insider-trading laws when he sold stock on Feb. 27, legal sources said. Becker realized $2.
Christine Chung, an Albany Law School professor and a former lawyer for the Securities and Exchange Commission’s enforcement division, said the timing of Becker’s stock sale would be relevant to any potential insider-trading investigation. Also read: Silicon Valley Bank branches closed by regulator in biggest bank failure since Washington Mutual
SVB Financial first reported last month that Laura Izurieta had left the company in October after stepping down from the post of chief risk officer six months before that, in April 2022. “If I was investigating the bank, I’d want to know, why did she leave and what concerns were in play at that time?” Chung said. “It’s something that’s worth a careful look.”
While she may have signed a nondisclosure agreement as part of her roughly $2.4 million exit settlement, she would still be cleared to be interviewed by the SEC, Chung said.
Was the Silicon Valley Bank CEO, Greg Becker, close to anyone likely to be a card-carrying member of the deep state?
Oh it just might- well that's good enough