Senior Venezuelan executive committed suicide in New York after allegedly embezzling $1 billion

Gustavo Arnal

Chief Financial Officer of the American chain of home stores Bed Bath & Beyond, Mr. Venezuelan Gustavo ArnalHe committed suicide by jumping from a famous skyscraper in New York’s Tribeca neighborhood known as the “Jinga Building”.

Arnold, 52 years old, Jump from the 18th floor of the tower at 56 Leonard Street Police sources said on Friday New York Post. The newspaper added that the medical examiner’s office ruled the death of Arnal from multiple shocks and that the authorities said it was a suicide.

days before his death, The retail giant has announced that it will close 150 stores and reduce 20% of its workforceWhen facing financial problems. Meanwhile, Arnal was facing charges related to a $1.2 billion fraud lawsuit filed last month.

At August Bed Bath & Beyond, based in New Jersey, sank in the stock market after the departure of a well-known investor.

A passerby walks past the building where Bed, Bath and Beyond operates in New York (Reuters/Keith Bedford/File)
A passerby walks past the building where Bed, Bath and Beyond operates in New York (Reuters/Keith Bedford/File)

On August 16, Arnal, who was also the network’s executive vice president, He sold 42,513 shares of the company’s stock for about $1 millionAccording to MarketBeat.com.

however, Bed Bath & Beyond’s fall started Wednesday 17th and accelerated August 19th After learning that billionaire Ryan Cohen, director of RC Ventures, has divested 10% of the company.

Cohen acquired that stake this year and attempted to force several changes into the company, but after a few months he chose to give up his position and money to take advantage of the higher price of Bed Bath & Beyond.

August 23 Arnal and the company have been sued for artificially inflating the stock price In the “pump and dump” scheme, with the lawsuit claiming that Arnal sold his shares at a higher price following the chart.

The luxurious 60-story building that Arnal jumped from is famous for its curious design of skewed apartments that resemble the popular board game “Jenga”.

In 2021, he earned more than $2.9 million thanks to his $775,000 Bed Bath & Beyond salary and stock awards.According to InsiderTrades.com.

Arnal joined Bed Bath & Beyond in 2020. Previously served as CFO of London-based cosmetics giant Avon, he worked abroad for 20 years leading Procter & Gamble.

In addition, the businessman had a Degree in Mechanical Engineering from Simon Bolivar University in Venezuela and one MA in Finance from the Metropolitan University of Caracas It was considered One of the highest ranked Latinos in the major corporations in the United States, According to the local press.

“Everyone who has worked with Gustavo will be remembered for his leadership, talent, and leadership of our company. I am proud to be a colleague of him and will be missed by all of us who had the pleasure of knowing him,” Harriet Edelman, independent chair of the company’s board of directors, said in a statement on Sunday.

(With information from EFE and Reuters)

In the United States, there are National Suicide Prevention Network For help, call 1-888-628-9454 or 1-800-273-8255, the National Suicide Prevention Service’s hotline, to speak with someone who will provide you with free, confidential support 24 hours a day, seven days a week. . The The Centers for Disease Control and Prevention also recommends its own policiesPrevention programs and practices.

In Mexico, the National System of Psychological Support, Counseling and Crisis Intervention by Phone (SAPTEL) offers telephone attention 24 hours a day at: 0155 5259-8121. In the United States, you can call +1-888-628-9454.

At the Buenos Aires Suicide Assistance Center, they serve anyone in crisis on the toll-free 135 from Buenos Aires and the GBA or at (11-54) 5275-1135 24 hours a day. There is also a Family Suicide Concern Center (CAFS): (011)-4758-2554 (cafs_ar@yahoo.com.arwww.familiardesuicida.com.ar).

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