Real Estate
SEC Says WeWork Options Plot Failed on Botched Press Release
- Alleged scheme followed attempt to sell off personal items
- Strip mall investor accused of misusing clients’ funds
A WeWork co-working office space in New York.
Photographer: Yuki Iwamura/BloombergThis article is for subscribers only.
The US Securities and Exchange Commission accused a strip mall owner of a botched attempt to profit by manipulating the price of WeWork Inc. shares and using client funds to pay for his lavish lifestyle.
The real estate investor, Jonathan Larmore, was behind an entity called Cole Capital that made an offer to buy WeWork stock at a large premium earlier this month, in the days before the coworking company filed Chapter 11 bankruptcy. The move briefly sent the shares soaring, according to the SEC complaint filed in Arizona.