Regulators are examining stock sales that officers of Silicon Valley Bank’s parent, SVB Financial, made days before the bank failed, according to a report.
The Justice Department and the Securities and Exchange Commission are investigating the collapse of Silicon Valley Bank, according to a report published on Tuesday.
The Wall Street Journal, citing people familiar with the matter, reported the probes and said they are in their preliminary phases and may not lead to charges or allegations of wrongdoing. The investigations, according to the report, are also examining stock sales that officers of the bank’s parent, SVB Financial SIVB, , made days before the bank failed. The DOJ probe involves fraud prosecutors in Washington, D.C., and San Francisco, the report said.Now read: Silicon Valley Bank: Here’s what happened to cause it to collapse
The Wall Street Journal said SVB officers didn’t return a message or immediately respond to requests for comment, and DOJ and SEC spokespeople declined to comment.
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