Ex-Bank VP Gad Hit with New Charges for Fraudulent Letters

Former Silicon Valley Bank vice president Mounir Gad is facing a new wave of charges after being caught submitting fraudulent letters in his sentencing hearing for securities fraud. The 35-year-old Los Gatos resident now stands accused of document tampering, identity theft, and criminal contempt.

Gad, who pleaded guilty to two counts of securities fraud, was sentenced to two years of probation, a $500 fine, and a $200 assessment per count by Judge Lucy H. Koh. However, new evidence has emerged that Gad altered or fabricated support letters submitted to the court prior to his sentencing.

The criminal complaint filed on November 19, 2021, alleges that Gad tampered with three of the twelve support letters without the authors’ knowledge, adding praise for himself. He also submitted three additional letters not written by the purported authors. These actions led to Gad’s initial sentence before these issues were addressed.

The complaint further details how Gad altered the letters of two other individuals, praising his character and integrity. This revelation came to light during the sentencing hearing when one of Gad’s references, B.L., discovered that statements in her name were not true.

Despite being a trained investment banking professional, Gad violated insider trading laws by obtaining material non-public information through his employer and sharing it with a co-conspirator. The incident occurred twice, in 2015 and 2016, resulting in the charges for which he was initially sentenced.

The new charges against Gad could significantly impact his sentence and carry further penalties for his deceptive actions in court. As the investigation continues, the U.S. Attorney’s Office remains vigilant in pursuing justice for such financial crimes.