Why he jumped - dirty deals - Bed Bath and Beyond

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From the London Daily Mail:

REVEALED: Bed Bath & Beyond CFO who leapt to his death from New York's famed 'Jenga' building is accused of role in 'pump and dump' scheme that artificially inflated value of flailing company and cost shareholders $1.2 BILLION

    • Gustavo Arnal, 52, is being sued for allegedly inflating the Bed Bath & Beyond's stock price in a 'pump and dump' scheme
    • The lawsuit, filed August 23, claims a majority shareholder approached Arnal about a plan to control shares of the company so they could both profit
    • As part of the plan, it says, Arnal 'agreed to regulate all insider sales'
    • It alleges he put out 'materially misleading statements' showing the company's finances were improving to artificially raise the share prices
    • By the time he sold over 42,000 shares in the company two weeks ago it was valued at $1 million
    • Arnal then took his own life by jumping from the 18th floor of the famous 'Jenga' tower in Manhattan's Tribeca neighborhood on Friday

The Bed Bath & Beyond CFO who plunged to his death on Friday was being sued for artificially inflating the company's stock price in a 'pump and dump' scheme to sell off his shares at a higher price, DailyMail.com can reveal.

Gustavo Arnal, 52, is listed as one of the defendants in a class action lawsuit brought by a group of shareholders who claim they lost around $1.2billion when Arnal and majority shareholder Ryan Cohen engaged in a 'pump and dump' scheme.

The lawsuit, filed in the United States District Court for the District of Columbia on August 23, claims Cohen had approached Arnal about a plan to control shares of Bed Bath and Beyond so they could both profit.

As part of the plan, the lawsuit claims, Arnal 'agreed to regulate all insider sales by BBBY's officers and directors to ensure that the market would not be inundated with a large number of BBBY shares at a given time.'

I am always amazed that these people do not think beyond the immediate gain.  They are blind to the consequences.  Once again, a scam like this has no exit strategy.  Being found out and prosecuted is not a matter of "IF", it is a matter of "WHEN".  They are so full of themselves that they think that the basic rules of life do not apply to them...

I am sorry for his family but I can only say good riddance...

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This page contains a single entry by DaveH published on September 4, 2022 11:31 AM.

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