Former MDC Partners CEO Miles Nadal has just unloaded another 3.2 million shares of the company’s stock, dropping his ownership in the firm to just 1.2%.
The latest sale occurred Wednesday, according to a Securities And Exchange Commission document filed late yesterday. The shares were priced at $20.50 for a total $65.6 million.
The sale came just weeks after Nadal sold more than 1.8 million shares for almost $39 million on Oct. 29. Combined, the sales provided Nadal with a windfall of a little more than $103 million.
The late October sale was made 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.
Nadal now 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.
In midday trading Friday on the NASDAQ exchange MDC shares were up less than a percentage point to $21.05. That's well below the price that shares were trading at in April ($28.40) just before the company disclosed the SEC probe, which by then had already been a formal investigation for six months. Nadal and the company are being sued by shareholders in New York and Ontario courts for alleged illicit actions that contributed to the devaluing of their shares.