He sold vastly more in 2010 right before GAO report was made public than can be explained as "routine" selling. About $35 million I reckon. He had material information which he knew would hurt his stock. He is not allowed to sell before this information is revealed, although there is a well-known loophole he is trying to hide behind.
The charges of criminal fraud for APOL exactly matches the type of management APOL shows now as they try to pretend his selling means nothing....He sold because he knows the jig is up. Shareholders should be mad as hell as those toadies who dismiss the truth. They cannot handle the truth! His insider selling was sinister self-serving selfishness that makes a mockery of the law and also his duties to public shareholders. His is a public company, not a private castle run by a lawless medieval prince.
I suggest someone on the inside at APOL that has hard evidence about this illegal insider selling come forth and contact the SEC and claim a big bounty. When the investigation comes, those that did not come forth will have a lot of explaining to do.