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I think what he has done is wrong and should be grounds for termination from his position (and possibly more on a legal level – details still unfolding). However, I'm with you on this. I can't place it but it feels like there is something more to this story that hasn't come out yet.

I don't know why I feel this way. Something just feels off and I can't place it.

Yes exactly. I remember news like this break out and the board is like 'we are investigating' but here it was instant and in such a large and important (at least currently) company? Idk, something's off
The board didn't stop investigating, he resigned. You could assume he knew the investigation was just creating a paper trail to fire him and he wanted to leave on his own terms first? That's pretty normal in these situations.