Congressman sold SVB Financial Group shares a day ahead of FDIC takeover -…

Congressman sold SVB Financial Group shares a day ahead of FDIC takeover -…

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A US Congressman could find himself in hot water over some shady deals in bank stocks ahead of the FDIC’s takeover of a failing bank and the fall in many stocks in the sector.

What happened: representative Josh Gottheimer (D-NJ) was one of the most prolific members of Congress when it came to making stock and options trades his tenure.

A new April 20 filing by the representative, who has been in office since 2017, showed several transactions made over the past month, including the sale of several bank stocks.

Here’s a look at the bank stocks that have been reported in the April 20 filing, along with their sale date.

  • Ameris Bancorp ABCB: $1,000-$15,000, March 14
  • Fidelity National Information FIS$15,001 to $50,000, March 16
  • MorganStanley MS: $1,000-$15,000, March 6
  • Charles Schwab Corporation BLACK: $1,000-$15,000, March 6
  • Charles Schwab Corporation: $1,000 to $15,000, March 14
  • Seacoast Banking Corporation of Florida SBCF: $1,000-$15,000, March 29
  • SVB Financial Corp: $1,000-$15,000, March 9

The transactions were reported by QuiverQuant, which also tweeted that the sales could be concerning given they were “in the midst of the banking crisis.”

“Gottheimer sits on the House Financial Services Committee,” QuiverQuant said in the tweet.

The sale of shares in SVB Financial, owner of Silicon Valley Bank, happened a day before the bank adopted by the FDIC and the stock would later be delisted.

After the bank’s stock sale, Gottheimer released a series of tweets about banking regulations.

“This week I questioned state bank regulators about their failure to properly regulate Silicon Valley Bank. We’re getting to the bottom of what happened and why regulators didn’t use the tools they already had to prevent a meltdown.” tweeted on March 30th one of his former stock positions.

On April 14, Gottheimer said he was calling for a…

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