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The Securities and Exchange Commission (SEC) is reportedly investigating whether there was insider trading at First Republic Bank. The investigation focuses on trades that now-former executives made before the government seized the bank and sold it to JPMorgan Chase, Bloomberg reported Friday (May 5), citing unnamed sources.
The SEC is reviewing whether executives made moves based on non-public information as First Republic's stock tumbled before the federal government seized the firm Monday, according to Bloomberg.
The development comes a day after Sen. Elizabeth Warren accused First Republic executives of "mismanagement.
The U.S. Securities and Exchange Commission is investigating the conduct of First Republic Bank executives before the government seizure and sale to JPMorgan Chase & Co , Bloomberg News reported on Friday, citing people familiar with the matter.
The ABA called for a probe into short sellers profiting off the bank crisis. Sen. Warren wants answers from First Republic executives.
The amount of money U.S. banks borrowed from the Federal Reserve fell by almost half last week, mostly because of the distressed sale of First Republic.
JPMorgan Chase has acquired First Republic Bank, which failed recently. The deal will benefit JPMorgan Chase and comes with some protections.
The US government said it will keep an eye on "short-selling pressures on healthy banks", with federal officials looking into whether the recent volatility in banking shares was caused by "market manipulation". With two more regional banks – PacWest and Western Alliance – listing badly yesterday, there were also renewed calls for a ban on short selling to protect companies from attacks by hedge funds.
Federal Reserve data on Thursday showed a large part of the central bank's emergency lending activities in recent weeks were tied up with the now-shuttered First Republic Bank.
On any given day, various exchanges report multiple trading halts. These halts can take place for various reasons, including pending news or too much volatility.