A top executive took his own life by jumping out of his NYC apartment after being struck with a $1.
2 billion stock fraud suit.
Gustavo Arnal, 52, was the Chief Financial Officer and Executive Vice Director at Bed Bath & Beyond, an international retail giant founded in the US in 1971.
As the company confirmed on Sunday, the businessman, who previously held senior positions at the likes of Procter & Gamble, jumped to his death on Friday.
Arnal took the leap from his 18th-floor ‘Jenga building’ apartment in Lower Manhattan before he was pronounced dead by first responders.
According to the latest reports, the man’s wife was in their $18,000-a-month apartment when her husband jumped without as much as leaving a note.
The tragic incident comes shortly after Arnal and several other defendants were named in a class-action lawsuit and accused of artificially inflating the company’s share price in a “classic attempt to spark a gamma squeeze” during the GameStop stock trading fever last year.
Among other defendants in the $1.2 billion stock fraud lawsuit is also GameStop chairman Ryan Cohen who stands accused of profiting more than $68 million by selling several million shares he had in Bed Bath & Beyond.
Following Arnal’s death, BBB paid the CFO a tribute and announced the company was “profoundly saddened by this shocking loss.”
“Gustavo will be remembered by all he worked with for his leadership, talent and stewardship of our company,” said Harriet Edelman of the board of directors.
The news comes just weeks after the retail giant announced the closure of some 150 stores and the layoff of 20% of its workforce following a period of plunging sales.
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