This is old news from Feb 6 2023, well before the collapse of SVB. While it could potentially reflect on the company culture and be relevant to SVB's recent troubles, it's not at all clear why KRON4 decided to present this as breaking news.
I wonder how much profit the VP made during his tenure and as part of the insider trading. It seems like the cost of that benefit is $11,300 ($10K fine + $1.3K special assessment) and 15 months in prison which I assume will be a "nicer" prison.
White collar crime seems to pay well, and the consequences don't seem too harsh.
Edit: the $11.3K and 15 months is for falsifying documents. I don't know if he had a separate fine for the insider trading.
Woefully lacking on details. The immediate question is whether this falsification has anything to do with the SVB collapse or if it was just an isolated attempt at profiteering.
The falsified documents have nothing to do with SVB or the insider training. They were character letters to try to reduce his sentence on the insider trading charges. Frankly, the submitted article is misleading.
The justice.gov article has more insights than the news article. From what I can tell, he initially got off on probation for insider trading instead of prison due to 12 letters of references vouching for his character, and he altered/falsified 6 of them. Seems like isolated attempt at profiteering, but I also wonder if this helped contribute to the collapse as well.
Agree regarding the details - I'm guessing unrelated given the indictment was over a year before the collapse "On Jan. 13, 2022, a federal grand jury indicted Gad"
"On Jan. 13, 2022, a federal grand jury indicted Gad, charging him with three counts of tampering with documents, three counts of tampering, six counts of identity theft and one count of criminal contempt, according to the United States Attorney’s Office. The 36-year-old pleaded guilty to all charges without a plea agreement."
The SVB bank collapse was in March 2023 -- over a year later -- so this would be a completely unrelated matter.
[+] [-] jey|2 years ago|reply
Primary source: https://www.justice.gov/usao-ndca/pr/former-bank-vice-presid...
[+] [-] YourGrace|2 years ago|reply
White collar crime seems to pay well, and the consequences don't seem too harsh.
Edit: the $11.3K and 15 months is for falsifying documents. I don't know if he had a separate fine for the insider trading.
[+] [-] neom|2 years ago|reply
There is no such thing as an ‘easy’ prison
It really grinds my gears people perpetuate this. Federal prison is federal prison.
[+] [-] cowsandmilk|2 years ago|reply
https://www.sec.gov/news/press-release/2021-117
[+] [-] jxf|2 years ago|reply
[+] [-] cowsandmilk|2 years ago|reply
https://www.justice.gov/usao-ndca/pr/former-bank-vice-presid...
[+] [-] YourGrace|2 years ago|reply
[1] https://www.justice.gov/usao-ndca/pr/former-bank-vice-presid....
[+] [-] dgelks|2 years ago|reply
[+] [-] ksherlock|2 years ago|reply
The SVB bank collapse was in March 2023 -- over a year later -- so this would be a completely unrelated matter.
[+] [-] unknown|2 years ago|reply
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[+] [-] steve_mcdougall|2 years ago|reply
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