SEC Probes First Republic Executives’ Trades Before JPMorgan Sale

According to two anonymous sources, the Securities and Exchange Commission (SEC) is investigating the actions of First Republic Bank’s former executives prior to the bank’s takeover by JPMorgan Chase & Co. The probe is focused on whether any former executives engaged in insider trading. The identity of the individuals under investigation has not been disclosed, and no one currently or previously affiliated with the bank has been accused of wrongdoing. The SEC and JPMorgan representatives declined to comment on the matter. The SEC is also separately investigating the trading activity of executives at Silicon Valley Bank before its collapse. A former SEC trial attorney, now a partner at Morrison Cohen in New York, suggests that the SEC’s investigation into First Republic may involve multiple issues concerning insider trading and disclosures.