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By Steve Dickson
Signature Bank insiders sold a total of more than $100 million of company stock in the past three years, after the company began attracting cryptocurrency clients, the Wall Street Journal reported.
New York regulators shut down Signature Bank, citing a “crisis of confidence” in the management team and a run on deposits, and handed the company over to the Federal Deposit Insurance Corp. New York Community Bancorp Inc. later took over Signature Bank’s deposits and some of its loans.
The Wall Street Journal said Signature Bank didn’t respond to a request for comment, and New York Community Bancorp’s Flagstar Bank, which will assume all of Signature Bank’s cash deposits, didn’t comment. Howell, Shay and DePaolo declined to comment to the newspaper.
The three executives suffered big losses on their share holdings when the bank collapsed, according to the newspaper.
Signature filed the documents disclosing the sales to the FDIC, rather than the Securities and Exchange Commission, where companies of its size typically file, the Wall Street Journal said.
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