Federal Disclosures Show SVB Executives Sold Millions in Company Stock Leading Up to Bank Collapse

Federal disclosures reveal that top executives at Silicon Valley Bank sold several million dollars’ worth of company stock less than two weeks before it became the largest bank failure since the 2008 financial crisis.

According to a disclosure filed with the U.S. Securities and Exchange Commission on March 1, former Silicon Valley Bank (SVB) President and CEO Greg Becker sold over $3.5 million of his company stock holdings on Feb. 27.

In addition to Greg Becker, SVB’s former President and CEO, another top executive also sold company common stocks before the bank’s collapse.

SVB’s Chief Financial Officer, Daniel Beck, sold $575,180 in company common stocks on Feb. 27, according to a separate disclosure filed with the U.S. Securities and Exchange Commission on March 1.

Two people familiar with the situation have stated that the Justice Department and Securities and Exchange Commission are investigating the collapse of Silicon Valley Bank.

The investigations are in the early stages, and it is unclear if any wrongdoing has been committed. It is standard for the Justice Department and SEC to investigate after a significant public collapse of a bank or company.