(Bloomberg) -- US authorities are examining the collapse of Silicon Valley Bank for misconduct by officers, including whether stock sales by executives violated trading rules, according to a person familiar with the matter.
The probes, which are in early stages, are being handled by prosecutors in the Justice Department's fraud section, the US Attorney's Office for the Northern District of California and the Securities and Exchange Commission, said the person, who asked not to be identified because the investigation hasn't been publicly disclosed. No one at the bank has been accused of wrongdoing and the investigation could end without charges being brought.
Representatives for SVB and the entity that is running the bank since its failure declined to comment.
It couldn't be immediately be determined which executives are the focus of the inquiries.
The Justice Department and the Securities and Exchange Commission declined to comment. The investigation was first reported by the Wall Street Journal.
On Sunday evening, SEC Chair Gary Gensler said the agency is “particularly focused on monitoring for market stability and identifying and prosecuting any form of misconduct” that might harm investors or markets, without naming any specific companies.
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