Blockchain Global chiefSam Leehas abruptly left the board of Genetic Technologies, less than a month after the companytold the ASXit was surprised to find he'd sold the entirety of his holdings for $684,166 during a blackout period.
Blockchain centre founder Sam Lee pictured with Digital X chairman and Genetic Technologies director Peter Rubinstein.
Lee only joined the board in February 2018 as a group of rebel shareholders (including mining magnateJoe"Diamond"Gutnick) forced out the previous directors, who didn't approve of plans to turn the business into a blockchain-based medical data company.
Lee held his shares through American Depository Units on the Nasdaq, over which the company had limited visibility. Intriguingly, he told the company (who told the ASX) that he wasn't the one who ordered his ADIs sold.
Of course, we can understand Genetic Technologies being wary about director dealings. Five years back, the Genetic Technologies' then-CEO DrMervyn Jacobsonwasjailed for market manipulation, after being found guilty of conspiring with his daughter and son-in-law to keep the company's share price up. Turns out he'd taken out a margin loan secured against his equity, that would have been forfeit if the share price was to fall.
