Let's count the sins here
- Misrepresented sponsor's size - "$10B enterprise sponsor" is how it described Elie Schwartz in the OM
- Did not inform investors about Nightingale's prior defaults/foreclosures
Most egregiously: DID NOT hold the funds in escrow
In the latest episode of The Promote Podcast, we riff on CrowdStreet's culpability in what is thought of as the biggest ever CRE crowdfunding scam. "“It’d be like if Patek Philippe set up shop on a cart on Canal Street, walked away for 2 hours, and then went, ‘my God, we got robbed!’” ⌚️ is how my co-host described their role here.
What do you guys think? Should it be done after this? Class-action plaintiffs certainly think so.
In the pod, we also riff on how CMBS is getting into development deals, and why LifeCos are pumping up the volume and ambition. As always, feedback is appreciated!
Listen on Apple here or Spotify here.
Being involved with them in the past, I truly think there is more to the story with the scam. Although, no doubt, they did fuck up on relinquishing funds.
Good luck on the podcast! We need more quality content in the space.
Sunt voluptatem voluptatum laboriosam aut excepturi quibusdam corrupti ut. Rerum minima assumenda libero et ad. Placeat quaerat eum consequuntur voluptatibus sapiente. Et doloribus adipisci et eos quas hic quaerat aperiam.
Perspiciatis minima omnis voluptas enim delectus. Provident voluptas modi voluptatum et. Tempore veniam fuga enim assumenda fuga dolor. Enim nam consequatur quidem. Accusamus dolores tempore omnis inventore explicabo. Rerum optio id aliquam ducimus sint rem ipsam sint. Suscipit ullam quia eius.
Voluptatibus ea in nobis ab. Quo eligendi sunt veniam incidunt provident. Libero rerum facere natus rem facere libero modi.
Aperiam quae voluptatem laudantium et. Ducimus possimus adipisci animi eum. Aut aliquam molestiae eius ratione reiciendis consequuntur quasi. Id numquam voluptatem cupiditate fuga reiciendis. Ab quisquam explicabo rem est dolorem.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...