SVB Collapse
SVB CEO Sold $3.6 Million in Stock Days Before Bank’s Failure
- Greg Becker used prearranged stock-trade plan to sell shares
- Silicon Valley Bank failed Friday and was taken over by FDIC
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Silicon Valley Bank Chief Executive Officer Greg Becker sold $3.6 million of company stock under a trading plan less than two weeks before the firm disclosed extensive losses that led to its failure.
The sale of 12,451 shares on Feb. 27 was the first time in more than a year that Becker had sold shares in parent company SVB Financial Group, according to regulatory filings. He filed the plan that allowed him to sell the shares on Jan. 26.