NEWS
by Mark Barley
Former Funcom CEO being investigated for insider trading
Trond Aas, former Funcom CEO, is currently being investigated for insider trading by Norwegian authorities.
According to this report, Aas left his position at the company the day before the developer's latest MMO, The Secret World, launched.
On July 2 Aas left his position at Funcom to become a "strategic adviser" and chief strategy officer at the company, allowing him to sell 1.5 million shares of the developer's stock. The sell resulted in Aas getting rid of nearly 650,000 shares of the 1.5 million.
When Aas stepped down at Funcom the stock was worth $17.60, as of recent the stock was worth $2.17. Upon Aas stepping down, Funcom's creative director Ragnar Tørnquist stated;
“Aas wanted to stay on as CEO until the game had launched, and he did so.”
“His departure has absolutely nothing to do with,” the release or perceived success of the game, said Tørnquist at the time.
“Trond is staying with the company in a different role, so it’s not like anyone was fired or demoted. It has absolutely nothing to do with The Secret World, although Trond was an active participant in all discussions regarding the game before launch and played an instrumental role in ensuring that we shipped a great game on time.”
We'll keep you posted on any further updates.
“His departure has absolutely nothing to do with,” the release or perceived success of the game, said Tørnquist at the time.
“Trond is staying with the company in a different role, so it’s not like anyone was fired or demoted. It has absolutely nothing to do with The Secret World, although Trond was an active participant in all discussions regarding the game before launch and played an instrumental role in ensuring that we shipped a great game on time.”