The SEC is investigating if First Republic Bank executives engaged in insider trading before the seizure of assets to JPMorgan. After continued deposit outflows, the San Francisco-based bank was seized by the California Department of Financial Protection and Innovation. JPMorgan bought a majority of its assets, including deposits, in a rushed bidding process. Over $176 million outflow in 2022 and over $100 million last March has led to more troubles for First Republic.
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Summary
Article Name
SEC Probes First Republic Executives for Insider Trading
Description
The SEC is investigating if First Republic Bank executives engaged in insider trading before the seizure of assets to JPMorgan.
Author
Susan Jane
Publisher Name
Finance Magnates
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