One potential focus could be sales of company shares by several bank executives in the weeks before the bank’s failure, several legal experts said.
The US Justice Department has opened an investigation into the collapse of Silicon Valley Bank, the California lender that was taken over by federal regulators afterout of the bank, two people with knowledge of the matter said.
The sales generated millions of dollars in proceeds, although some of the bank’s executives sold stock pursuant to insider selling plans that set the timing of such sales in advance. Such plans are set up by corporate executives to avoid the appearance of trading on confidential information. – accounts that exceeded the $US250,000 limit on federally guaranteed deposit insurance – and tried to withdraw those funds.
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