WiseTech Global’s billionaire co-founder Richard White ignored warnings from the board of the logistics giant not to sell hundreds of millions of dollars in stock, the transactions which are now the subject of a major investigation launched by the corporate regulator.

In October last year, before he resigned from WiseTech, White gave assurances to the board he would not sell any shares during what was a tumultuous period for the company, according to two people briefed on the investigation who requested anonymity given the confidential nature of the probe by the Australian Securities and Investments Commission.