{"id":1633207,"date":"2022-09-05T11:19:22","date_gmt":"2022-09-05T15:19:22","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1633207"},"modified":"2022-09-05T11:20:49","modified_gmt":"2022-09-05T15:20:49","slug":"exec-who-jumped-from-nyc-hi-rise-faced-1-2b-pump-and-dump-suit","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/exec-who-jumped-from-nyc-hi-rise-faced-1-2b-pump-and-dump-suit\/","title":{"rendered":"Exec Who Jumped From NYC Hi-Rise Faced $1.2B \u2018Pump-And-Dump\u2019 Suit"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fexec-who-jumped-from-nyc-hi-rise-faced-1-2b-pump-and-dump-suit%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1633207&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The <a href=\"https:\/\/www.dailywire.com\/news\/bed-bath-beyond-stock-soars-300-wall-street-loses-millions-thanks-to-meme-traders\" target=\"_blank\" rel=\"noopener\">Bed Bath &#038; Beyond<\/a> executive who <a href=\"https:\/\/www.dailywire.com\/news\/exec-of-major-retailer-dies-in-plunge-from-nyc-hi-rise-as-firm-plans-mass-firings\" target=\"_blank\" rel=\"noopener\">leapt to his death<\/a> from a ritzy Manhattan high-rise Friday was a defendant in a $1.2 billion class-action lawsuit accusing him of a pump-and-dump stock scheme.<\/p>\n<p>Gustavo Arnal, the beleaguered home-goods company\u2019s chief financial officer, jumped from the 18th floor of Manhattan\u2019s iconic \u201cJenga building,\u201d where apartments cost up to $50 million. Arnal and GameStop Chairman Ryan Cohen, a major shareholder in Bed Bath &#038; Beyond, were accused in a federal suit filed last month in Washington of artificially inflating the company\u2019s stock.<\/p>\n<p>\u201cWith control over a significant portion of the public float, Cohen would essentially act as a price support for the stock while Gustavo would act in a similar capacity by controlling the sale of shares by Insiders,\u201d the lawsuit claims. \u201cUnder this arrangement, defendants would profit handsomely from the rise in price and could coordinate their selling of shares to optimize their returns.\u201d<\/p>\n<p lang=\"en\" dir=\"ltr\">Bed Bath &#038; Beyond exec Gustavo Arnal faced $1.2B stock suit when he plunged from NYC building <a href=\"https:\/\/t.co\/a33UWP8wpu\">https:\/\/t.co\/a33UWP8wpu<\/a> <a href=\"https:\/\/t.co\/UGaUptIZ9u\">pic.twitter.com\/UGaUptIZ9u<\/a><\/p>\n<p>\u2014 New York Post (@nypost) <a href=\"https:\/\/twitter.com\/nypost\/status\/1566546766018879489?ref_src=twsrc%5Etfw\">September 4, 2022<\/a><\/p>\n<p>The company\u2019s stock rose from $4.38 per share on July 1, 2022, to $30 per share on Aug. 17, 2022. Between March and August, Cohen, Arnal, and J.P. Morgan Securities \u2014 another defendant in the lawsuit \u2014 plotted to hype the stock and sell their own positions, according to the lawsuit. Cohen is also founder of the pet food company Chewy.com<\/p>\n<p>Arnal sold over 42,000 shares of the company for $1 million just over two weeks ago, according to\u00a0<a href=\"https:\/\/www.marketbeat.com\/instant-alerts\/nasdaq-bbby-insider-buying-and-selling-2022-08-2\/\">MarketBeat.com<\/a>. He retained\u00a0267,896 shares, valued at the time at over $6 million.<\/p>\n<p>Arnal joined the company in 2020 after stints at Avon and Proctor &#038; Gamble. He came on board during the early stages of the COVID pandemic, when the company\u2019s struggles were just beginning.<\/p>\n<p>\u201cGustavo exemplifies this and his experience delivering business transformation at other leading companies, his deep knowledge of the retail and consumer goods space, as well as his energy and drive will help accelerate our transformation plans,\u201d the company said at the time.<\/p>\n<p>The company\u2019s stock, as well as <a href=\"https:\/\/www.dailywire.com\/news\/bloodbath-hedge-fund-short-sale-losses-top-1-billion-following-gamestop-stock-surge\" target=\"_blank\" rel=\"noopener\">GameStop<\/a>\u2019s, has been whipsawed by so-called \u201cmeme\u201d traders who buy up shares of a stock hedge funds are shorting, or betting on to fall. Meme traders strategize on Reddit to drive up the price of the outstanding shares short sellers will need to cover their bets. It leaves the big investors with no choice but to buy the stocks at higher prices and incur big losses. But when the meme investors pull out, the stock once again craters.<\/p>\n<p>Arnal sold his stock on the same day a 20-year-old college student made headlines \u2013 and a $110 million profit \u2014 by selling his Bed Bath and Beyond shares just before the price fell nearly 25%.<\/p>\n<p>The Jenga building from which Arnal jumped was designed by Swiss architects Herzog &#038; de Neuron and takes its name\u00a0from its \u201chouses stacked in the sky\u201d appearance, which features misaligned apartments that resemble the popular game.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bed Bath &#038; Beyond executive who leapt to his death from a ritzy Manhattan high-rise Friday was a defendant in a $1.2 billion class-action lawsuit accusing him of a pump-and-dump stock scheme. Gustavo Arnal, the beleaguered home-goods company\u2019s chief financial officer, jumped from the 18th floor of Manhattan\u2019s iconic \u201cJenga building,\u201d where apartments cost &#8230;<\/p>\n","protected":false},"author":1,"featured_media":1633209,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1633207","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1633207","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1633207"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1633207\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1633209"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1633207"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1633207"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1633207"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}