Insiders at Silicon Valley Bank sold more than $84 million worth of stock just over the past two years, per CNBC.
Notably, the US Justice Department and the Securities and Exchange Commission are investigating the collapse of Silicon Valley Bank (SVB), after it was taken over by regulators last week. The investigations are in their preliminary phases and are looking into potential stock sales by SVB's officers in the days leading up to the bank's failure. The probes may not lead to any charges or allegations of wrongdoing. SVB Financial Group, which formerly owned the bank, saw a 60% drop in its shares last week. The company's CEO and CFO have not commented on the investigations.
Before the collapse of Silicon Valley Bank, $SIVB, the CEO sold $3.57 million of stock within the last two weeks.
Insiders at Silicon Valley Bank sold more than $84 million worth of stock just over the past two years
3/15/2023
This was part of their trading plans, the 10-51-b plans.
Gregory Becker, CEO, sold 11% on Feb 27, 2023.
Michael Zucker, General Counsel, 19% on Feb 5.
Daniel Beck, CFO, sold 32% on Feb 27.
Michelle Draper, CMO, sold 25% on Feb 1.
Silicon Valley Bank has collapsed, the largest bank since 2008.
Silicon Valley was the 16th largest bank in the US, holding $210 billion in assets.
ilicon Valley Bank CEO Greg Becker gave a statement trying to calm investors and entrepreneurs on Thursday afternoon. The company didn't open for trading at 9:30 after its shares dropped by 62% premarket trading.
Becker: “My ask is to stay calm because that’s what is important... We have been long-term supporters of you — the last thing we need you to do is panic.”
Read more: https://unusualwhales.com/news/numerous-corporate-executives-sold-silicon-valley-bank-sivb-stock-before-the-collapse
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