SELL OFF: Francesco Trapani has sold LVMH Moët Hennessy Louis Vuitton shares worth nearly 13 million euros, or $17 million at current exchange, according to filings to French market watchdog L’Autorité des Marchés Financiers, or AMF.

This story first appeared in the July 2, 2013 issue of WWD. Subscribe Today.

On June 17, the president of LVMH’s watches and jewelry division and Bulgari’s former chief executive officer and great-grandson of the brand’s founder, Sotirio Bulgari, sold 3.2 million euros, or $5 million, worth of shares.

Two days later, on June 19, the executive sold a further 9.6 million euros, or $12.5 million, in stock, according to the AMF filings.

Approximately 100,000 shares were sold for prices of between 127.50 euros and 128.15 euros, or $165.90 and $166.70, each.

Trapani is one of three Bulgari family members currently involved in accusations of fraudulent earnings in Italy.

As reported, in March Italy’s tax police the Guardia di Finanza confiscated real estate, life-insurance policies and corporate investments traceable to Bulgari executives worth a total of 46 million euros, or $60 million, related to alleged false declarations from 2006 to 2010.

RELATED STORY: Bulgari to Fight Tax Allegations >>