The department’s fraud prosecutors in Washington and San Francisco are involved in the process.
He Justice Department and the Securities Market Commission (sec) of USA are investigating the bankruptcy of Silicon Valley Bank, a subsidiary of the defunct SVB Financial Group. This emerges from the information published by the Wall Street Journal citing people familiar with the matter.
The investigations they are also looking at stock sales that SVB Financial executives made in the days before the bankruptcy of the bank, as detailed in the report. In addition, it was clarified that the Justice Department investigation involves fraud prosecutors department in Washington and San Francisco.
The SEC and a Justice Department spokesman in Washington They declined to comment. For its part, SVB did not respond to a Reuters request for comment.
Complaint against senior SVB officials
The Journal’s report comes a day after SVB Financial Group and two top executives were sued by shareholdersthat they were accused of hiding how rising interest rates would leave his Silicon Valley Bank unit susceptible to bank failure.
The Proposed class action lawsuit against SVBthe chief executive Greg Becker and the financial director Daniel Beck was presented in federal court in San Jose, California.
Source: Ambito
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