Silicon Valley Bank’s former CEO was spotted taking a stroll in Hawaii.
According to the Daily Mail, Greg Becker and his wife, reportedly departed to their $3.1 million Maui townhouse. Becker appeared unfazed about money as he and Bautista indulged in a chauffeured limousine ride to San Francisco Airport.
The former executive was seen casually walking around Lahaina where his custom-built two-story house is located. However, Becker did hide out inside of a car while Bautista went inside of a fast food restaurant.
If you’re not aware, Becker is receiving severe scrutiny for his management of the bank’s collapse. He is also being investigated by the Justice Department for offloading stocks right before SVB’s downfall. Becker reportedly sold 12,500 shares amounting to nearly $3.5 million merely two weeks prior to the company’s collapse. That same day, CFO Daniel Beck sold $575,180 in stocks.
A week later, SVB Financial Group along with Becker and Beck was hit with a major lawsuit filed by shareholders. In the lawsuit, shareholders claimed that SVB did not reveal the extent to which increasing interest rates would jeopardize its business model.
The lawsuit demands unspecified compensation for SVB investors for the period between June 16, 2021, and March 10. Nevertheless, SVB says its examining various strategic options for the residual portion of the company, which has been stripped of its primary banking operations.
