Former Funcom CEO facing allegations of insider trading

Funcom Logo

By on September 16, 2012 at 12:32 pm

The day before The Secret World went live, Funcom announced that their CEO Trond Aas would be stepping down from the board to serve as “Strategic Advisor to the Board and Chief Strategy Officer”.

This went unremarked at the time with the launch of The Secret World, but it has now come to light that Aas is suspected of having done this in order to remove himself from the “primary insider list” of employees, and thus be able to trade in his Funcom shares without official scrutiny.

Aas reportedly attemped to sell 1.5 million of his shares in Funcom in secret, before being noticed by another stockholder and publicly outed. Funcom’s share prices later tanked on the back of poor sales of The Secret World, tumbling from a high of $17 to the $2 they are worth today.

Although Aas was able to sell 650,000 of his shares, he is now under investigation by the Oslo Stock Exchange and Norway’s Financial Services Authority. Aas insists that he had every reason to believe the game would be a success at the time he sold his shares, and is denying any wrongdoing.

Source: The Escapist

3 comments (Leave your own)

Wow, what a scumbag move and the board went with it! Hit the bastard hard, not the least for offloading 650,000 shitty shares to unsuspecting people.

 

You know an MMO wont last long when even the CEO jumps ship.

 

This is pretty funny,

 
Leave a comment

You can use the following bbCode
[i], [b], [img], [quote], [url href="http://www.google.com/"]Google[/url]

Leave a Reply

PC Gaming Calendar 2014

Follow Games.on.net

Steam Group

Upcoming Games

Releasing Soon
Thief Shadowrun Returns South Park: The Stick of Truth

Community Soapbox

Recent Features
Reaper of Souls

Diablo 3: Reaper of Souls reviewed: Change is a good thing

Blizzard shows that it isn't afraid to change everything

Titanfall

Titanfall: Crush your enemies under your robotic foot with these gameplay tips

Wallrunning speed boosts, room clearing strategies, and more inside.

Diablo 3 Competition

Diablo 3: Reaper of Souls Giveaway – The Winners!

You cannot kill Death -- unless you have sick new gear.

Betrayer

Betrayer reviewed: Run like hell from skeletons and murderous ghosts in 17th century Virginia

What's black, white and red all over? Betrayer is, and it's also an intriguing new indie horror title, as James discovers.

Streaming Radio
Radio Streams are restricted to iiNet group customers.

GreenManGaming MREC

The Regulars
The Secret World

Legal Opinion: Bait and switch… with a mankini

Not everybody is laughing following Funcom's April Fools joke on its players.

Bad at Aiming

Sitrep: Waiting in line at the FPS dole queue

Toby is so incompetent that he needs an entire new genre of games invented just to cater for him.

Amazon Fire

Friday Tech Roundup (04 April 2014): Radeon R9 295X2 specs leak

Also, the man behind the "Microsoft" phone scam has been captured and fined.

Barrett M98B

Legal Opinion: Where does your money go?

Why do games cost so much to manufacture? Because everybody wants a slice of that licensing pie.

Facebook Like Box