May 08, 2023 - 6:10pm | By Ty Schonert
(San Francisco, CA) -- The Securities and Exchange Commission is investigating trading activity by First Republic Bank executives before the San Francisco institution's sale to JPMorgan Chase.
Bloomberg News is reporting the agency is looking for evidence of improper insider trading.
From January to early March, top First Republic executives sold eleven-point-eight million in stock.
The SEC and the Department of Justice are also looking into trades by former executives of Silicon Valley Bank of Santa Clara.