• by Steve McClellan  @mp_mcclellan, November 3, 2015

Former MDC Partners CEO Miles Nadal has just dumped another 1.842 million shares of the company’s stock, dropping his ownership stake in the firm to just 7.5%. Previously, Nadal had held a 10% or greater interest in the company. 

In a Securities and Exchange Commission document filed Monday Nadal reported selling the stake last Thursday for an average price of $20.50 for a total windfall of about $37.8 million. 

That was the same day that MDC reported that its third-quarter loss had widened to $8.6 million, versus $4.9 million for Q3 2014. 

Nadal exited the company in July under the cloud of a still ongoing SEC probe looking at improperly expensed items by the former CEO as well as other accounting and trading activities at the firm. Nadal has agreed to pay back more than $20 million in expense claims and bonuses, some of which has already been returned. 

In the filing Nadal lists his occupation as “self-employed” and his residence as Nassau in the Bahamas. He also indicated that he would continue to sell his remaining MDC shares at opportune moments depending upon price, tax considerations and other factors. He still has a little more than 3.82 million shares of Class A stock. 

In morning trading on the NASDAQ exchange MDC’s stock was down 1.5% to $20.30.