Silicon Valley Banker Faces New Charges In Insider Trading Scheme

Gilroy CA

24 November, 2021

12:11 PM

Description

LOS GATOS, CA — The U.S. Attorney's office has filed more criminal charges against Mounir Gad, a former Silicon Valley Bank vice president who pleaded guilty to two counts of securities fraud in June as part of an insider trading scheme orchestrated with a friend from 2015-2016. In a federal courtroom Tuesday in San Jose, prosecutors added document tampering, identity theft and criminal contempt to the charges against the 35-year-old Gad, of Los Gatos. The new charges are in connection with allegedly false and altered documents Gad submitted to the federal court for his sentencing hearing in the securities fraud case, according to a news release from Acting U.S. Attorney Stephanie M. Hinds and Federal Bureau of Investigation Special Agent in Charge Craig D. Fair. Prosecutors said he altered three letters of support submitted on his behalf, after one of the letter's authors reported discrepancies in the letter attributed to her that she heard read aloud during Gad's sentencing hearing. If convicted on the latest charges, Gad faces a maximum statutory penalty of 20 years in prison and a fine of $250,000 for document tampering and 5 years in prison and a $250,000 fine for identity theft. There is no statutory maximum penalty for criminal contempt. Gad had not yet been sentenced on his insider trading conviction. Copyright 2020 by Bay City News, Inc. -- Republication, Rebroadcast or any other Reuse without the express written consent of Bay City News, Inc. is prohibited.