An important Venezuelan executive committed suicide in New York after an alleged embezzlement of one billion dollars

Gustavo Arnal

The chief financial officer of the American chain of home stores Bed Bath & Beyond, Mr. Venezuelan Gustavo Arnalcommitted suicide by jumping from the iconic skyscraper in the New York neighborhood of Tribeca known as the “Jenga Building”.

Arnold, 52 years old, jumped from the 18th floor of the tower located at 56 Leonard Street on Friday, police sources told New York Post. The newspaper added that the medical examiner’s office ruled that Arnal had died of multiple trauma and that authorities said it was suicide.

days before his death, the retail giant announced it was closing 150 stores and cutting 20% ​​of its workforcewhen facing financial problems. Arnal, meanwhile, was facing charges related to a $1.2 billion stock fraud lawsuit filed last month.

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

A passerby walks in front of the building where the Bed, Bath, and Beyond company operates in New York (REUTERS / Keith Bedford / File)
A passerby walks in front of the building where the Bed, Bath, and Beyond company operates in New York (REUTERS / Keith Bedford / File)

On August 16, Arnal, who was also executive vice president of the network, sold 42,513 shares of the company for approximately one million dollarsaccording to MarketBeat.com.

Nevertheless, the fall of Bed Bath & Beyond began on Wednesday the 17th and accelerated on August 19 after learning that billionaire Ryan Cohen, manager of the firm RC Ventures, got rid of 10% of the company.

Cohen had taken over that stake this year and had tried to force several changes in the company, but a few months later he chose to abandon his position and cash in taking advantage of the rise in the price of Bed Bath & Beyond.

August 23, Arnal and the company were sued for accusations of artificially inflating the share price in a “pump and dump” scheme, with the lawsuit alleging that Arnal sold his shares at a higher price after the scheme.

The 60-story luxury building from which Arnal jumped is known for its curious design of misaligned apartments that resemble the popular board game “Jenga.”

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

Arnal joined Bed Bath & Beyond in 2020. Previously, he worked as CFO for London-based cosmetics giant Avon and had a 20-year career working abroad leading Procter & Gamble.

In addition, the businessman had a degree in Mechanical Engineering from the Simón Bolívar University of Venezuela and one Master’s degree in Finance from the Metropolitan University of Caracas and was considered one of the highest-ranking Latinos in large companies in the United States, according to the local press.

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

(With information from EFE and Reuters)

In the United States, there is National Suicide Prevention Network to ask for help; you can call 1-888-628-9454 or 1-800-273-8255, the National Suicide Prevention Service hotline, to speak with someone who will give you free and confidential support 24 hours a day, seven days a week of the week. The CDC also recommend their own policiesprevention programs and practices.

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

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

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