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Insider Trading Charges Brought Against Former Funcom CEO

On February 16, The Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime charged Funcom ex-CEO Trond Arnes Aas and three other individuals with insider trading and market manipulation.

The Park The Secret World Funcom

Funcom has definitely had its fair share of legal trouble in the past, but charges are finally being brought against former Funcom CEO Trond Arnes Aas by the Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime (ØKOKRIM). The department is looking at a nine-month period between 2011 and 2012.

Aas stepped down as CEO in July, 2012, shortly after the launch of The Secret World. He changed his position to chief strategy advisor and sold a major portion of his stock in Funcom, which was valued at $17.60 when the game launched. Funcom’s stock steadily decline afterwards and the company’s office was eventually raided in 2014 due to suspected infringement of the Securities Trading Act.

Lawyers representing Aas and the three other individuals claim that their clients are not guilty of any charges.

Updated statement from Funcom:

“The four individuals charged in this case are no longer employed by Funcom. As Funcom is neither charged or under investigation in this matter, it will not have any impact on the company, our games, or our players.”

Our Thoughts:

Funcom has not been in a good place throughout the last few years, but it’s not because the studio makes poor games. Unfortunately, it seems that there were a few poor choices in previous management that have caused a series of financial and legal problems.

Source: Reuters, MMORPG

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About Nick Shively

Nick is an eSports and RPG enthusiast. He can normally be found in the deepest parts of a dungeon or in the arena slaying opponents. Nick has been a gamer since an early age and involved in the industry since 2011. He obtained a degree in journalism from the Walter Cronkite School of Journalism and Mass Communication in 2015.