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Silicon Valley Bank failure, executive stock trades probed by DOJ, SEC

Published Wed, 12 Feb 2025 21:20:06 GMT

Tom Schoenberg(Bloomberg) — US authorities are examining the collapse of Silicon Valley Bank for misconduct by officers, including whether stock sales by executives violated trading rules, according to a person familiar with the matter.The probes, which are in early stages, are being handled by prosecutors in the Justice Department’s fraud section, the US Attorney’s Office for the Northern District of California and the Securities and Exchange Commission, said the person, who asked not to be identified because the investigation hasn’t been publicly disclosed. No one at the bank has been accused of wrongdoing and the investigation could end without charges being brought.Representatives for SVB and the entity that is running the bank since its failure declined to comment.It couldn’t immediately be determined which executives are the focus of the inquiries.Related ArticlesEconomy | Government races to reassure US that banking system is safe Economy | Silicon ...

Pajaro River flooding: Here’s how to help the victims

Published Wed, 12 Feb 2025 21:20:06 GMT

Attention remained focused on the massively flooded farming community of Pajaro in unincorporated Monterey County near Santa Cruz County as a second atmospheric river moved through the Bay Area on Tuesday, bringing more heavy rains and wind.A breach in a levy caused the flooding and has left thousands of people displaced and without work. Many of the affected residents are farmworkers who pick strawberries in fields that are now under water.Here are some ways to help:—The Community Foundation for Monterey County has established a “Storm Relief Fund.” Donations will provide emergency assistance and relief through nonprofit organizations such as food, shelter and financial assistance. Donations also help support first-responders and other recovery efforts and are tax-deductible.—The Community Foundation Santa Cruz County also is accepting donations for victims of the flood.—Financial donations that will go directly to the farmworkers can be sent via a don...

NCAA Tournament: Best bets for the first round and ASU’s quest for a breakthrough

Published Wed, 12 Feb 2025 21:20:06 GMT

Arizona State is headed to Dayton in order to advance to Denver in the search for rarified air.The Sun Devils open NCAA Tournament play against Nevada in a First Four matchup Wednesday at the University of Dayton Arena.Win, and they would advance to the first round, and a date with TCU in Denver, for the first time since 2019.Win there, and they would move into the round-of-32, and a likely collision with Gonzaga, for the first time since 2009, when their starting backcourt featured a sophomore named James Harden.Win there, and they would move to the Sweet 16 — hello, UCLA — for the first time 1995, the height of their success under coach Bill Frieder.But perhaps we’re getting a teeny-tiny bit ahead of ourselves.First, the Sun Devils must handle Nevada in perhaps the best coaching matchup of former college guards, ASU’s Bobby Hurley and Nevada’s Steve Alford, in March Madness history.Hurley is seven years younger and, in our opinion, would be an 8-point...

Aftershock festival sets massive 2023 lineup with Guns N’ Roses, Tool, Korn

Published Wed, 12 Feb 2025 21:20:06 GMT

Aftershock, arguably the greatest hard rock festival in the U.S., has announced its 2023 lineup.And it’s huge.The four-day event, set for Oct. 5-8 at Discovery Park in Sacramento, is highlighted by the rocking headliners Guns N’ Roses, Tool, Avenged Sevenfold and Korn as well as such cool acts as Pantera, Incubus, Queens of the Stone Age, Megadeth, Rancid, Turnstile, 311, the Cult and AFI.In all, nearly 100 bands are set to perform at the 2023 festival.“We are so excited for what will be the biggest Aftershock in the festival’s 11-year history,” saysDanny Hayes, CEO of Danny Wimmer Presents, which puts on this festival. ”We are grateful for our partnership with the city and county of Sacramento and together we have built an amazing brand that showcases Sacramento to attendees from all over the globe.”The full daily lineup is listed below.The one day that truly stands out is Day 4 (Sunday, Oct. 8) with Guns N’ Roses, Rancid and Queens of the Stone Age. In second place, ho...

Oakland man shot while driving in Berkeley

Published Wed, 12 Feb 2025 21:20:06 GMT

BERKELEY — A 48-year-old Oakland man shot Saturday morning while he was driving in Berkeley continues to recover while police seek the gunman, authorities said Tuesday.Police said the man was shot in the head about 5:40 a.m. Saturday while he was driving in the area of Shattuck Avenue and Oregon Street. He was able to make it to a hospital on his own and is in stable condition.Police said he was shot by a man in a gold, four-door vehicle. A motive for the shooting is under investigation and the suspect is being sought.A detailed description of the shooter has not been released.Police said this is the first shooting in the city this year where someone has been wounded.Anyone with information about the shooting is asked to call the police homicide unit at 510-981-5741.

Pleasant Hill promotes Interim Chief Vermillion to chief of police

Published Wed, 12 Feb 2025 21:20:06 GMT

PLEASANT HILL, Calif. (BCN) -- Pleasant Hill has a new police chief, the city manager announced Monday. Former Interim Chief Scott Vermillion will replace former Chief Bryan Hill, who retired in November. Vermillion was chosen after an extensive search process, City Manager June Catalano said in the announcement.Vermillion has been in law enforcement for 25 years, beginning with the Calistoga Police Department in 1997. He joined the Pleasant Hill Police Department in 2000 and was promoted to corporal in 2004 and sergeant in 2008. In 2015, Vermillion became a lieutenant, serving as both an operations commander and support services division commander.In 2020, Vermillion became captain and served as second-in-command to Chief Hill. He also attended the FBI National Academy in Quantico, Virginia.In addition to helping develop the city's emergency preparedness plan and facilitating emergency operation center meetings, Vermillion has served as assistant SWAT team commander, defensive tact...

Cheering Silicon Valley Bank Bailout, Gavin Newsom Doesn’t Mention He’s a Client

Published Wed, 12 Feb 2025 21:20:06 GMT

On Monday, California Gov. Gavin Newsom praised the Biden administration’s decision to intervene on behalf of Silicon Valley Bank’s clients after the bank was taken over by the FDIC on Friday amid a bank run. The White House “acted swiftly and decisively to protect the American economy and strengthen public confidence in our banking system,” Newsom said in a statement. What Newsom didn’t mention is that it also protected his own companies if they held over $250,000 in deposits.CADE, Odette, and PlumpJack, three wineries owned by Newsom, are listed as clients of SVB on the bank’s website. Newsom also maintained personal accounts at SVB for years, according to a longtime former employee of Newsom’s who handled his finances, and who requested anonymity to avoid professional reprisal.“Governor Newsom’s business and financial holdings are held and managed by a blind trust, as they have been since he was first elected governor in 2018,” Nathan Click, a spokesperson for Newsom, told ...

US no longer seeking death for man convicted in Sjodin case

Published Wed, 12 Feb 2025 21:20:06 GMT

U.S. prosecutors said Tuesday that they will no longer seek the death penalty for the man convicted in the kidnapping and killing of college student Dru Sjodin in 2003 in a case that led to changes in sex offender registration laws.U.S. Attorney Mac Schneider said in a news release that following a directive from Attorney General Merrick Garland, he filed a notice withdrawing his effort to seek the death penalty for Alfonso Rodriguez Jr.“My thoughts today are with Dru Sjodin’s family, particularly her parents, Linda Walker and Allan Sjodin,” Schneider said in the release. “They are genuinely good people and loving parents who in the wake of an unimaginable loss have worked closely with our office for nearly 20 years. We continue to wish them the greatest measure of peace possible.”Messages left with Rodriguez’s attorney and with the attorney general’s office wasn’t immediately returned.It’s not the first time Rodriguez has avoided the death penalty in the case. In ...

No Harvey Weinstein retrial on rape, sex assault charges

Published Wed, 12 Feb 2025 21:20:06 GMT

LOS ANGELES (AP) — Los Angeles prosecutors told a judge Tuesday that they will not retry Harvey Weinstein on rape and sexual assault charges involving two women.Deputy District Attorney Paul Thompson announced the decision to Superior Court Judge Lisa B. Lench at a hearing in downtown Los Angeles. The judge dismissed the charges and said Weinstein would be returned to New York, where he was convicted in a similar case. Prosecutors had been considering a new trial on charges that left jurors deadlocked at the former movie mogul’s trial. The jury convicted Weinstein of the rape and sexual assault of one woman. He was sentenced to 16 years in prison. That’s in addition to the 23-year New York sentence he is already serving. Source

Column: Scheffler’s rise leads to incomplete grade on Smith

Published Wed, 12 Feb 2025 21:20:06 GMT

PONTE VEDRA BEACH, Fla. (AP) — Jordan Spieth can speak with authority on the remarkable run of Scottie Scheffler, except that Spieth never liked that term when he was the subject.Spieth had won seven times in 13 months — two majors, a shot at all four of them, No. 1 in the world and a FedEx Cup title — when he showed up at Kapalua to start 2016 and was asked what he had planned for an encore.“Doesn’t an encore mean that the show is then over?” he said.Golf has a couple of hit shows, and for now Scheffler is top billing.His superb play in windy conditions for a five-shot victory in The Players Championship was his sixth title in the last 13 months. Scheffler has been No. 1 longer than anyone during that stretch.But it was only 12 days ago when Jon Rahm, with six victories in the last 13 months, opened with a 65 at Bay Hill and looked as though no one could beat him. Maybe that’s still the case. Rahm never made it to the second round at The Players Championship because of ...