Romersa retired from FXCM before its 2010 IPO, but remains an important shareholder.
LeapRate has learned, via filings made with the U.S. Securities and Exchange Commission (SEC), that former FXCM (NYSE:FXCM) senior executive Michael Romersa has sold about $8.8 million worth of his FXCM shares over the past several days.
Romersa was Chief Dealer of FXCM before retiring prior to FXCM’s IPO in December 2010. As of the latest FXCM 14A filing listing major shareholders, Romersa held 5.9 million FXCM shares before his current sale of more than 550,000 shares, so he still holds a whole bunch more.
Romersa actually holds his shares as special ‘Holding Units’, held by original FXCM shareholders. Holding Units can be converted on a one-for-one basis for ‘regular’ publicly traded FXCM shares. Romersa converted 900,000 shares, so we anticipate that he’ll soon sell the other 340,000 (or so) shares he converted.
Romersa’s liquidation follows recent similar sized sales of FXCM shares by Lucid Markets exec Matthew Wilhelm, which he received as part of FXCM’s purchase of 50% of Lucid in June 2012 for $176 million.