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U.S. authorities investigating collapse of Silicon Valley Bank - WSJ

AuthorScott Kanowsky
Published 03/14/2023, 11:10 AM
Updated 03/14/2023, 11:19 AM
© Reuters

By Scott Kanowsky 

Investing.com -- U.S. authorities from the Justice Department and Securities and Exchange Commission are investigating the failure of Silicon Valley Bank following a move by regulators to take over the California-based lender last weekend in the wake of a run on its deposits, according to a report in the Wall Street Journal on Tuesday.

Citing people familiar with the matter, the paper said that officials from the Justice Department and SEC are also looking into stock sales made by SVB executives in the days leading up to the collapse. The probe involves prosecutors from the Justice Department's offices in Washington and San Francisco, the WSJ quoted the people as saying.

The probe is in its preliminary stage and may not lead to formal charges or allegations of wrongdoing, the WSJ added.

The SEC and a Justice Department spokesperson declined to comment to Reuters, while SVB was not immediately available for comment.

Latest comments

The reason was Careless Greed.......
They should look at Biden admin lack of proper oversight. The books at SVB in early January should be been a red flag to Yellen's Treasury OCC. Big failure by OCC.
You actually think some fed entity reviews every the books of every bank in the US in great detail for malfeasance? Okay then. Might be more fruitful to investigate how trump’s deregulation of banks led to this. Or how SVB CEO lobbied successfully for regs that excluded SVB.
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