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CEO Sells Shares

PartyGaming is an online casino gambling group that is has recently run into problems in the U.S. once the UIGEA was enacted. Though they are currently in negotiations with the U.S. over the online casino ban, PartyGaming’s CEO, Mitch Garber, has taken the end of the second quarter as an opportunity to cash in some of his company stocks. Already this year Garber sold off millions in shares at the close of the first quarter, and now, as the third is beginning, Garber once again sold a portion of his shares in the online casinos gambling group.

But Garber wasn’t just out for the money, which was obvious when he gifted 300,000 of his share options to benefit the company’s employees. Garber did not himself determine which employees would receive the bonus shares, but instead they were given to the employee benefit trust. At that point, Garber encouraged the trust to disperse the shares to employees demonstrating outstanding effort at the online casinos gambling group.

Garber is able to sell the shares at the end of each financial quarter because of his executive remuneration package. At the end of the first quarter, he netted 1.1 million by selling off 3.3 million of his share options. This time around, he sold 4.5 million shares and netted 1.7 million. And though it may seem that he sold off an enormous amount of shares in the online casino gambling group PartyGaming, Garber still has 4.3 million shares in the company.