Guards let people enter a Silicon Valley Bank location in Santa Clara, California, on Monday, March 13, 2023. Photo: Benjamin Fanjoy/AP Experts Warn of Enforcement, Criminal Action Against SVB as Civil Cases Mount
While investigations are yet to be confirmed, SEC Chair Gary Gensler released a statement earlier this week that warned he was watching for anything unscrupulous in the wake of SVB's closure and federal takeover.
March 17, 2023 at 03:31 PM
4 minute read
Financial Services and Banking
As class action lawsuits against Silicon Valley Bank start hitting courthouse dockets, former federal lawyers are warning agency enforcement, and possibly even criminal prosecution, could follow.
The sudden and rapid collapse of SVB is still making waves in markets around the globe, and those directly impacted are already asking for accountability. But whispers about potential investigations from the Securities and Exchange Commission and the Department of Justice are putting more pressure on those who led the failed tech-focused bank.
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