According to media reports, Silicon Valley Bank (SVB) paid annual bonuses to all eligible employees while its CEO cashed out stock options before its collapse.
SVB CEO Greg Becker sold $2.27 million worth of the bank stocks on Feb. 27, according to an SEC filing. The sales were part of a 10b5-1 program that Becker filed on Jan. 26.
Another SEC filing showed that Becker had sold $1.1 million in stocks in January to cover the tax liability. Per the filings, the CEO mostly sold his stocks between $285 and $302.
Meanwhile, a CNBC report said the top executives at the embattled bank, including the CEO, sold shares worth $4.5 million before its collapse.
SVB Paid Bonuses Hours Before FDIC Took Control
Axios reported that SVB paid eligible U.S. employees their annual bonuses on March 10—a few hours before Federal Deposit Insurance Corporation (FDIC) took over the…
