Mounir Gad, former Silicon Valley Bank VP, was sentenced to fifteen months in prison for his deception in submitting falsified letters of reference during a previous securities fraud conviction sentencing. San Jose’s U.S. Attorney Stephanie M. Hinds and FBI Agent Robert K. Tripp announced the sentence by Judge Edward J. Davila. Gad, 36, from Los Gatos, pleaded guilty to document-falsification charges on October 27, 2022, after initially being charged with securities fraud violations in an insider trading scheme.
In a previous hearing, Gad argued for probation, citing his strength of character and dedication to the community. He presented twelve letters of reference, six of which were found to be inauthentic. Three were altered without permission, two were written for unrelated reasons and altered, and one was entirely fictionalized by Gad.
The falsified letter story unraveled at Gad’s November 3, 2021, hearing when the purported author denied writing the information Judge Lucy H. Koh referenced. An investigation later confirmed six of Gad’s letters were fraudulent.
Gad was indicted on January 13, 2022, on charges including tampering with documents and identity theft. He pleaded guilty to all counts without a plea agreement.
Additionally, Judge Davila ordered Gad to serve thirty-six months of supervised release, pay a $10,000 fine, and a $1,300 special assessment. Gad must surrender by May 24, 2023, to begin his prison term. Prosecutors included Special Assistant U.S. Attorney E. Wistar Wilson and Assistant U.S. Attorneys John Bostic and Sarah E. Griswold.
RELATED: Ex-Bank VP Gad Hit with New Charges for Fraudulent Letters
Related Federal Cases
- First National Bank of Lindsay Shut Down, Insured Deposits Acquired by First Bank & Trust · Washington
- FDIC Protects All Depositors of Silicon Valley Bank Collapse · California
- FDIC Establishes DINB for Silicon Valley Bank Depositors · Massachusetts
- SVB & Signature Bank Collapse: Taxpayers Spared, Depositors Made Whole · New York
- Guerilla Black Sentenced to Decade for Bank Fraud · Washington
Key Facts
- State: California
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|White Collar Crime
- Source: Official Source ↗
🔒 Get the grimiest stories delivered weekly. Subscribe free →
Browse More
MORE FEDERAL CRIME NEWS
US NewsUS NewsUS NewsUS News