Voyager's CEO accused stocks worth $ 31 million when the shares reached record heights: CNBC
Voyager's CEO accused stocks worth $ 31 million when the shares reached record heights: CNBC
- voyager shares exploded in the five months before Erlich's share sales by 3,600 %
- The shares of the bankrupt company were decorated on July 5 by the Toronto Stock Exchange
Stephen Ehrlich, CEO of the bankruptcy crypto loan Voyager Digital, earned $ 31 million by selling company shares at its peak last year.
According to reports, he personally sold the shares together with his limited liability with its Delaware -based companies. The Voyager share had increased by 3,600 % from $ 2 $ 26 in the five months earlier. The company's share price had recovered in parallel with Bitcoin and Ether, both of whom rose by around 400 %.His three largest transactions worth around $ 19 million were bound by a second offer from the investment bank Stifel Nicolaus in the amount of $ 50 million.
The Voyager stocks reached their maximum at $ 34.35 per share during the last sale of Ehrlich. Now Decotized The share in the middle of financial battles this year, which led to its bankruptcy, over 98 % Last day of trading at $ 0.33 per share, as data from Handelsicht shows.
Voyagers Natural token VGX has developed a little better. VGX increased by up to 70 %when rumors of his bankruptcy first circulated at the end of June, but its price has more than doubled since his lows in July and is now being traded at around $ 0.34. Although this has still decreased by about 90 % in the previous course of the year.
The complicated corporate structure of the company, including its 2019 reverse Fusion with a mailbox company, and other internal business relationships make it difficult to determine exactly how much honestly stuck outside of equity sales, the report says.
a Submission Commissions) for the year that ended on June 30, 2020 was almost $ 300,000.
The CEO von Voyager has destroyed agreed trading plans
listed companies generally apply a predetermined trading plan to avoid cases that could enable head of corporate bosses to achieve profits with insider information that are not inaugurated.
These are known as 10b5-1 plans in the USA. In Canada they are called automatic securities disposition plans (ASDPS).
Voyager only accepted the ASDP agreement months after Ehrlich's share sales. The company announced on December 31, 2021 for him and chief operating Officer Gerard Hanshe. Less than a month later, honest in retirement The plan.
"Although I had a lower limit significantly above the current stock price, I thought it was in the best interest of investors to withdraw the plan," he said in a statement published in January of this year and added that he was underestimated by Voyager.
The bankruptcy crypto loan, which owes more than 100,000 creditors $ 1.1 billion, is one of the best-known companies that collapsed in the recent downlog at the cryptom market. Voyager has commissioned Kirkland & Ellis to represent the company in its bankruptcy proceedings.
US supervisory authorities have examined the marketing of Voyager's deposit accounts to users and explains that the company incorrectly stated that customer funds were insured by the Federal Deposit Insurance Corporation. A corresponding injunction was recently issued.
Ehrlich and Voyager did not answer block works for comment until the editorial deadline.
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The Post-Voyager CEO accused stocks worth $ 31 million when the stocks reached record heights: CNBC is not a financial advice.