KVSP Justice Department, SEC probing collapse of Silicon Valley Bank: Sources
Written by ABC Audio ALL RIGHTS RESERVED on March 14, 2023
(WASHINGTON) — The Justice Department and Securities and Exchange Commission are probing the collapse of Silicon Valley Bank, according to two people familiar with the situation.
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.
The Justice Department and SEC both declined to comment. The news of the probes was first reported by The Wall Street Journal.
In a statement Sunday, SEC Chair Gary Gensler said the agency was focused on “monitoring for market stability and identifying and prosecuting any form of misconduct that might threaten investors, capital formation, or the markets more broadly.”
“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.
SVB Chief Executive Officer Greg Becker did not return ABC News’ request for comment.
This is a developing story. Please check back for updates.
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