Signature Bank Insiders Sold $100 Million when Stock Surged

Apr 4, 2023 thejournalbiz

Insiders at collapsed Signature Bank sold more than $100 million of shares in the years after the bank pivoted to attract cryptocurrency companies and became a stock-market darling, according to a Wall Street Journal analysis.

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Signature Bank Insiders Sold $100 Million when Stock Surged!

Insiders at collapsed Signature Bank sold more than $100 million of shares in the years after the bank pivoted to attract cryptocurrency companies and became a stock-market darling, according to WSJ analysis.#stocks pic.twitter.com/WXXKnFXyZ3

— The_Journalbiz (@the_journalbiz) April 4, 2023

WSJ chart on Signature bank stock gain

Sales over the past three years by the bank’s chairman, its former chief executive officer, and his successor accounted for about half of the amount sold, according to the Journal’s analysis of company filings. All three served on the board committee tasked with overseeing the bank’s risk profile over the past year.

The insider transactions at Signature weren’t widely known because of where they were filed and how the transactions were described in the documents.