Following the second largest bank failure in history, the U.S. Securities and Exchange Commission (SEC) is said to be conducting an investigation into executives from First Republic Bank over allegations of insider trading.

According to two sources, the securities regulator is closely examining the trades made by the bank’s executives, suspecting the use of confidential information, Bitcoin News reported.

While specific individuals under investigation have not been disclosed by the sources, they confirm the SEC’s interest in the matter.

Additionally, reports have surfaced indicating that certain U.S. lawmakers sold shares of the troubled bank prior to its collapse and subsequent acquisition by JPMorgan Chase.

Written by staff