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Comment by jxf | Hacker News Reader

Woefully lacking on details. The immediate question is whether this falsification has anything to do with the SVB collapse or if it was just an isolated attempt at profiteering.

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The falsified documents have nothing to do with SVB or the insider training. They were character letters to try to reduce his sentence on the insider trading charges. Frankly, the submitted article is misleading.

https://www.justice.gov/usao-ndca/pr/former-bank-vice-presid...

The justice.gov article has more insights than the news article. From what I can tell, he initially got off on probation for insider trading instead of prison due to 12 letters of references vouching for his character, and he altered/falsified 6 of them. Seems like isolated attempt at profiteering, but I also wonder if this helped contribute to the collapse as well.

[1] https://www.justice.gov/usao-ndca/pr/former-bank-vice-presid....

Agree regarding the details - I'm guessing unrelated given the indictment was over a year before the collapse "On Jan. 13, 2022, a federal grand jury indicted Gad"

"On Jan. 13, 2022, a federal grand jury indicted Gad, charging him with three counts of tampering with documents, three counts of tampering, six counts of identity theft and one count of criminal contempt, according to the United States Attorney’s Office. The 36-year-old pleaded guilty to all charges without a plea agreement."

The SVB bank collapse was in March 2023 -- over a year later -- so this would be a completely unrelated matter.

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