Weekend Sept 4 2022
IN the aftermath of the 19+29 crash, it was reported some individuals took their own lives by jumping off tall buildings.
Froday afternoon apparently the BBB CFO jumped from the 18th Floor. He had previously worked for Proctor and Gamble and Avon.
I am guessing he had made some fictional entries and could not stand the stress of it but that is just speculation on my part.
Later this weekend Sunday, Matt Lampert at Socio Institute sent me this update on the CFO
CFO subject of insider tradingand fraud lawsuit
The suit, filed in United States District Court for the District of Columbia on August 23, claims that Cohen and Arnal provided "materially false statements regarding the financial condition and holding situation" of Bed Bath & Beyond for their financial benefit. The lead plaintiff is investor Pengcheng Si.
"The defendants, knowing that the information they disclosed was false, took advantage of the inflated stock price and used fraudulent and misleading SEC filings to sell all their [Bed Bath & Beyond] shares and options at artificially inflated prices to unsuspecting and innocent public investors and then retained control of the profits," the suit states.
On August 18, both Arnal and Cohen sold shares of the company, with Arnal selling more than 42,000 shares for an estimated $1 million, and Cohen selling the entirety of his 9.8% stake through his firm, RC Ventures, causing shares to plummet.
The lawsuit claims Cohen — who is also the co-founder of Chewy and chairman of GameStop — approached the CFO about his "pump and dump" scheme in March 2022, and "convinced Gustavo that their plan would be a mutually beneficial one.""Under this arrangement, defendants would profit handsomely from the rise in price and could coordinate their selling of shares to optimize their returns," the lawsuit states.
Arnal allegedly worked with JPMorgan, which is listed as a defendant in the suit on claims the bank "aided and abetted" the plan by "enabling Cohen to use JPM's accounts to effectuate such transactions and otherwise launder the proceeds of their criminal conduct."
The lawsuit further notes Cohen's involvement in similar plans, such as elevating GameStop to "meme stock" status.
"Cohen has historically employed pump and dump schemes to raise much needed capital and has ignited several meme stocks to jaw-dropping heights," the lawsuit states.
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this is why we have a course in ethics. And his salary was about $750,000, was another million really worth the risk, hardly.
A tragic end to another foolish fraud scheme.
Such shocking and sad sad news. It had to be the guilt from all the wrong he had done. Perhaps the embarrassment coming when the truth comes out was going to be too much to handle. Once the damage has been done there would be no turning back for him, that situation will forever leave a stain on his life and on his record. It is also possible that there was so much more to be unraveled that he was just not willing to put up with all of that pressure. Some people in the end, just get greedy. As you state, with a $750,000 salary, is another million really worth all of that risk? I do not see how it can, but like I mentioned he probably just got greedy and the outcome was just very unfortunate.
Posted by: Bernadette Baeza | September 12, 2022 at 02:52 PM