"According to these sources, Douglas Elliman is under scrutiny for potential insider trading related to the rumored Anywhere deal. According to Reuters, Financial Industry Regulatory Authority (FINRA) is in the early stages of a probe into the brokerage and has asked the firm to provide information on who internally knew about the potential acquisition, as well as information about stock trades."
"According to the Reuters report, on the same day Anywhere presented its revised offer, Patrick Bartles, a Douglas Elliman board member, requested permission to purchase $250,000 in company stock. The report states that the request was approved and executed in the following days. While other trades may have occurred, Bartles was the only one noted in Douglas Elliman's reply to FINRA, according to Reuters."
FINRA is conducting an early-stage probe of Douglas Elliman, seeking information on who internally knew about a potential Anywhere acquisition and on related stock trades. FINRA said the information request should not be construed as an indication that violations have been determined. A rumored acquisition by Anywhere entered negotiations, with Douglas Elliman accepting an offer before Anywhere revised its offer and the deal fell through. On the day the revised offer was presented, board member Patrick Bartles requested permission to purchase $250,000 in company stock; the request was approved and executed days later. Bartles was the only trade noted in Douglas Elliman’s reply to FINRA, and the stock rose nearly 50% after takeover news.
Read at www.housingwire.com
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