Silicon Valley Bank CEO sold $3.57 million worth of shares two weeks before bank collapse

“Options to buy the company’s shares at a set price were due to expire on May 2,” the statement said. daily mail reported.

However, these transactions were pre-planned and carried out through a trust controlled by Becker. The trust executed the trading plan it reportedly drew up on January 26th.

SVB CFO Daniel Beck also sold $575,180 on the same February day as Becker. Beck sold 2,000 shares at $287.59 per share in a pre-planned sell-off as part of his trading plan set on January 24.

“Company insiders often use such plans to execute trades when certain conditions are met, such as price and volume. This serves to eliminate any possibility that they can use their knowledge to beat the market.” daily mail explained.

On Friday morning, the California Department of Financial Protection and Innovation directed the FDIC to take control of SVB after a bank run began on Thursday after the bank announced a plan to raise more than $2 billion in capital, alarming many venture capitalists and startups. who keep the money in the institution.

Jordan Dixon-Hamilton, reporter for Breitbart News. Write to him at [email protected] or follow him further Twitter.