Greg Becker, the former CEO of Silicon Valley Bank (SVB), who led the company into bankruptcy, has been located in Hawaii. Becker and his wife, Marilyn Bautista, returned to their $3.1 million Maui mansion a few days after the banker left the failed financial institution.
Becker doesn’t seem worried about money, despite the recent turmoil. The couple traveled by limousine to the San Francisco airport on Monday. The couple booked first-class tickets to the beautiful island, the Daily Mail reports.
The former Silicon Valley Bank boss was spotted walking in shorts and flip-flops in Lahaina. Becker owns a custom-built two-story property in a gated community. The property has tennis courts, three surf breaks, three swimming pools and a clubhouse.
Becker seemed pretty relaxed, but he hid in his car while Bautista went to get food. Becker has been heavily criticized for his handling of the bank collapse. In addition, he is being investigated by the Department of Justice (DOJ) for stock sales he made before SVB filed for bankruptcy.
Did the former Silicon Valley Bank chief sell off shares before the collapse?
Just two weeks before the company filed for bankruptcy, the former CEO sold 12,500 shares for about US$3.5 million. In addition, SVB shareholders filed a lawsuit against Becker and CFO Daniel Beck. The shareholders claim that the two of them concealed information that the company had become “sensitive” to banking operations due to rising interest rates.
After Silicon Valley Bank went bankrupt last week, there is widespread concern that other banks will do the same – SVB was the largest bank in Silicon Valley in terms of deposits. Moreover, it ranked 16th among the largest banks in the country.
