BREAKING: The Justice Department and SEC are launching investigations into Silicon Valley Bank after the lender’s collapse.
The Securities and Exchange Commission has opened its own investigation as well, two of the sources said.Silicon Valley Bank to protect deposits, naming the Federal Deposit Insurance Corp. as its receiver.David Paul Morris / Bloomberg via Getty Images
The closure was the biggest bank failure since the 2008 financial crisis and the second-largest on record afterfirst reported the DOJ and SEC investigations, citing people familiar with the matter. That report said the probes are in the beginning stages and might not lead to charges or allegations of wrongdoing.
The DOJ declined to comment. The SEC and Silicon Valley Bank did not immediately respond to NBC News' requests for comment.beyond the federally insured ceiling of $250,000.
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