Justice Department launches investigation into Silicon Valley Bank execs who ... trends now Justice Department launches investigation into Silicon Valley Bank execs who cashed out millions in shares before collapse - as first lawsuit class action lawsuit is filed CEO Gregory Becker and CFO Daniel Beck cashed out $4million combined Now, the DOJ is investigating those transactions along with the bank collapse The first class action lawsuit has also been filed against the pair and the bank By Jen Smith, Chief Reporter For Dailymail.Com Published: 16:23 GMT, 14 March 2023 | Updated: 16:27 GMT, 14 March 2023 Viewcomments The Justice Department has launched an investigation into the two Silicon Valley Bank executives who cashed out millions in shares before the bank collapsed. Ousted CEO Gregory Becker and CFO Daniel Beck both sold their shares while panicked customers made a run on the bank before it was seized. Becker cashed out $3.57m of stock in a pre-planned, automated sell-off two weeks before it collapsed , while Beck ditched $575,000. The Wall Street Journal today cites law enforcement sources who say those transactions will now be the subject of a fraud investigation, with both Becker and Beck on the line for charges. Greg Becker (left) sold 12,451 shares at an average price of $287.42 each on February 27. SVB's CFO Daniel Beck (right) sold 2,000 shares at $287.59 per share on the same day as his boss. The price plunged to just $39.49 in premarket Friday before the Federal Deposit Insurance Corporation (FDIC) seized its assets. Neither of them has commented on their bank's crisis, nor have they been seen since it toppled. The DoJ probe coincides with the first class action lawsuit to be filed against the bank, which was once the darling of the tech industry. Yesterday, Chandra Vanipenta filed a lawsuit against SVB Financial Group, the bank's parent company, and Becker and Beck. They allege being duped into buying securities with the bank, and accuse it of violating SEC code. The lawsuit does not specify how much money was lost, but it invites others to join. It was filed in the US District Court of Northern California yesterday. Share or comment on this article: All rights reserved for this news site (dailymail) and under his responsibility