Posted on 03/11/2023 6:48:18 AM PST by Oldeconomybuyer
Two of Silicon Valley Bank’s top chiefs dumped millions of dollars worth of stock just two weeks before the firm collapsed Friday, records show.
CEO Greg Becker offloaded over $3.5 million worth of stocks — which amounted to nearly 12,500 shares — in a pre-planned, automated sell-off on Feb. 27, according to a US Securities and Exchange Commission filing.
That same day, the bank’s third-in-command CFO Daniel Beck sold $575,180 in stocks, Newsweek reported.
Silicon Valley Bank, the once leading tech lender, was shut down by federal authorities just 11 days later.
Becker and Beck sold off their massive stakes in a legal corporate trading plan established by the SEC to thwart insider trading, so it is not clear whether the CEO and CFO knew the company would collapse in just two weeks.
(Excerpt) Read more at nypost.com ...
They knew.
That’s insider trading. He got the idea from Nancy Pelosi.
I wonder if they deposited the proceeds in their bank.
Bwahahahahahaha.
No harm, no foul.
All that money needs to be clawed back.
Of course, the CEO knew the bank was failing, it wasn’t just him, but other executives knew as well, they all sold stock just before the bottom fell out.
If we had a relevant law enforcement and regulatory organization, we would immediately subpoena all the emails among Executive of SVB and see what they were concerned about ?? Getting out before the bottom fell out or trying to save the bank and saving depositors billions of dollars.
Good one
It sounds like they lawyered up way in advance—and the lawyers came up with the automatic withdrawal scheme as a loophole defense against future insider trader claims.
Most likely this is a RICO case—throw the corrupt lawyers in jail with their scummy clients.
Just like the Enron execs.
So does the SEC monitor the filings that are made to them? How could they let this happen if there was any question of solvency?
Surprise! They ran it into the ground and extracted wealth right before it collasped.
“Silicon Valley Bank CEO sold $3.5M in shares just two weeks before collapse”
I haven’t checked his donations to the DNC, but if not high enough, he’ll be living with a ‘roommate’ at club fed, at a minimum.
“CEO Greg Becker offloaded over $3.5 million worth of stocks — which amounted to nearly 12,500 shares — in a pre-planned, automated sell-off on Feb. 27, according to a US Securities and Exchange Commission filing.”
Most likely ‘pre-planned’ on Feb 26.
Exactly right. Disbar the lawyers
“How could they let this happen if there was any question of solvency?”
You need a crash course on bank holding company balance sheets.
Every bank is crushed if their depositors panic.
One solution would be to have claw-back provisions going back several years to claim any stock redemption proceeds to bank executives.
Just wondering if Soros has anything to do with this.
So those who only getting 250,000 when they have 2 million in bank can sue CEO for balance?
They knew, and were an institution completely consumed in wokeness instead of sound banking.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.