The death of Gustavo Arnal, 52, has reportedly been linked to a “pump and dump” financial scheme.
Author’s Note
This article is based on corporate postings and accredited media reports. Linked information within this article is attributed to the following outlets: USAToday.com, DailyVoice.com, Reuters.com, and Fortune.com.
Introduction
On September 4, NewsBreak published “Bed Bath & Beyond CFO Dead: Exec Leaps From New York City Tower Days Following Announcement of 150 Store Closures,” my report on the death of Gustavo Arnal.
In the 24 hours since my story’s publication, news has broke that Arnal’s passing has been officially declared a suicide and linked to an insider trading charge.
Let us explore further.
Gustavo Arnal and Bed Bath & Beyond
USAToday.com, in its piece entitled “‘Shocking loss': Bed Bath & Beyond CFO Gustavo Arnal Died by Suicide in New York, Officials Say,” stated the following: The chief financial officer of Bed Bath & Beyond died by suicide, officials in New York said Sunday, and the company described his death as a "shocking loss." The New York Police Department said Gustavo Arnal died after falling from a Manhattan skyscraper. Officers were notified of an unconscious person near a building around 12:30 p.m. Friday. The man was later identified as 52-year-old Gustavo Arnal of New York City. Arnal died due to "multiple" blunt force trauma and his death has been ruled as a suicide, the New York City Medical Examiner's Office confirmed to USA TODAY.
During the official announcement of cause of death, DailyVoice.com was among the many news outlets that reported on Arnal’s alleged financial improprieties, which officials have since tied to his suicide as motive.
As excerpted from DailyVoice.com’s “Bed Bath & Beyond Exec Faced $1.2B Insider Trading Lawsuit When He Jumped To His Death: Report,” Arnal was charged as a principal in a stock scheme: Arnal was among several defendants named in a complaint alleging a "pump-and-dump" stock fraud scheme, the Daily Mail first reported. Bed Bath & Beyond, the lead defendant, allegedly made a “materially false and misleading statement” in a Securities and Exchange Commission (SEC) filing on Thursday, Aug. 18, the report said. Two days earlier, Arnal sold 55,013 shares of BBB stock worth over $1 million, according to calculations by Reuters.
Fortune.com elaborates in “Bed Bath & Beyond CFO Accused of “Pump and Dump” Scheme Before Falling to His Death From NYC Skyscraper,” which delves deeper into the purported crime: The class-action lawsuit, filed on Aug. 23—11 days before Arnal’s death—in the U.S. District Court for the District of Columbia lists the lead plaintiff as Pengcheng Si. The company said it was “in the early stages of evaluating the complaint, but based on current knowledge the company believes the claims are without merit,” according to Reuters. The lawsuit alleges Cohen approached Arnal about a plan to control shares of the company so they could both profit. Bed Bath & Beyond shares have been considered a meme stock in recent months, with a highly volatile price driven in no small part by social media sentiment.
The lawsuit is still ongoing.
Conclusion
I will share further updates to this story here, on NewsBreak, as they happen.
For anyone reading this who may suffer from suicidal ideology, pleas dial 988 on your phone to receive immediate help if you are in crisis. See here. The link also states: The previous Lifeline phone number (1-800-273-8255) will always remain available to people in emotional distress or suicidal crisis.
Thank you for reading.
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