Voyager CEO reportedly made $30M from stock sales

Voyager’s CEO Stephen Ehrlich made implicit $30 cardinal erstwhile helium sold the institution shares erstwhile it was trading astatine its highest successful 2021, CNBC reported Aug. 3.

According to CNBC’s report, Ehrlich sold 1.9 cardinal shares betwixt Feb. 9, 2021, and March 31, 2021, successful eleven transactions. The transactions were worthy $31 million.

It is “challenging to establish” the full magnitude Ehrlich made due to the fact that of the “complex and opaque structure” of the firm, CNBC stated.

Ehlrich sold Voyager’s stock adjacent peak

Three of Ehrlich’s largest transactions, totaled 1.4 cardinal shares and worthy $19 million, were made successful February 2021 and were connected to a $50 cardinal secondary offering by Stifel Nicolaus.

Voyager’s stock roseate to arsenic precocious arsenic $26 successful March 2021, coinciding with the bull tally of flagship integer assets similar Bitcoin (BTC) and Ethereum (ETH).

CNBC reported that Voyager’s stock would aboriginal commercialized astatine an all-time precocious of “$29.86 a week aft Ehrlich’s last merchantability connected April 5, 2021.” However, the shares mislaid 41% of their worth 3 weeks aft this high.

Voyager canceled ASDP adoption

Voyager adopted the automatic securities disposition program (ASDP) successful December 2021. The argumentation is meant to enforce a trading program that prevents insiders and executives from gaining an undue vantage erstwhile trading their shares.

Ehrlich, however, canceled the argumentation little than a period aboriginal due to the fact that helium “felt it was successful the champion involvement of the investors to retreat the plan.”

Before ASDP was canceled, Voyager executives had not completed immoderate commercialized nether the policy.

Voyager and crypto marketplace crash

Voyager was 1 of the crypto firms profoundly affected by the caller crypto marketplace crash. The crypto lending work supplier filed for bankruptcy connected July 6 aft it revealed that lenders similar Three Arrows Capital had defaulted connected their loans.

Reports person besides revealed that Voyager’s products were not insured by the Federal Deposit Insurance Corporation (FDIC). The national bureau has issued a connection informing the steadfast to desist from making specified “false and misleading” claims.

Several US states person besides opened investigations into the firm’s operation.

The station Voyager CEO reportedly made $30M from banal sales appeared archetypal connected CryptoSlate.