BREAKING: The Justice Department and SEC are probing the collapse of Silicon Valley Bank, according to two people familiar with the situation.
Employees stand outside of the shuttered Silicon Valley Bank headquarters on March 10, 2023, in Santa Clara, Calif. Silicon Valley Bank was shut down on Friday morning by California regulators and was put in control of the U.S. Federal Deposit Insurance Corporation. Prior to being shut down by regulators, shares of SVB were halted Friday morning after falling more than 60% in premarket trading following a 60% declined on Thursday when the bank sold off a portfolio of US Treasuries and $1.
The probes, which are separate, are in the preliminary stages and it is not clear whether any wrongdoing has been committed. It is not uncommon after a large public collapse of a bank or company for the Justice Department or SEC to step in and investigate.by The Wall Street Journal. Employees stand outside of the shuttered Silicon Valley Bank headquarters on March 10, 2023, in Santa Clara, Calif. Silicon Valley Bank was shut down on Friday morning by California regulators and was put in control of the U.S. Federal Deposit Insurance Corporation. Prior to being shut down by regulators, shares of SVB were halted Friday morning after falling more than 60% in premarket trading following a 60% declined on Thursday when the bank sold off a portfolio of US Treasuries and $1.
"Without speaking to any individual entity or person, we will investigate and bring enforcement actions if we find violations of the federal securities laws," he said.This is a developing story. Please check back for updates.
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