The collapsed Silicon Valley Bank’s (SVB) former CEO, Greg Becker, was spotted in Hawaii while retreating to his $3.1M townhouse in Maui with his wife, Marilyn Bautista. The former executive sold 12,500 shares for around $3.5M only two weeks before the closure.
- The couple rode in a limo to the San Francisco Airport and went to their townhouse in Hawaii by booking first-class tickets.
- Becker’s
custom-built two-story property within a gated community in Hawaii
features a tennis court, three surf breaks, three swimming pools, and a
clubhouse.
- The stock sales of Becker and the former CFO Daniel Beck before the shutdown are currently under investigation by the U.S. Department of Justice (DOJ) and the U.S. Securities and Exchange Commission (SEC).
- The
two were also sued by shareholders claiming that they hid information
about the bank becoming sensitive due to rising interest rates.
- California-based
SVB was shut down by the state’s Department of Financial Protection and
Innovation on March 10, marking one of the three bank collapses within a
week, alongside Silvergate Bank and Signature Bank.
- The bank was the 16th largest bank in the U.S. and provided banking services to several crypto and tech startups.
