Fundrise | Michael McCord | Real Estate Crowdfunding


Fundrise fired its mortgage REIT’s chief financial officer and treasurer Michael McCord, alleging that he tried to extort over $1 million from the crowdfunding platform, according to a new filing with the Securities Exchange Commission (SEC). In a letter to investors on Feb. 10, Fundrise’s general counsel Bjorn Hall wrote that the alleged extortion involves claims that the company “acted inappropriately concerning two real estate deals.” “Though we believe there is no merit to his claims, we take any allegation with the utmost seriousness,” Hall wrote. “As a result, we have engaged a third-party financial audit firm to conduct a thorough investigation concerning his allegations.” It wasn’t immediately clear how Fundrise alleges McCord tried to extort the company, which real estate deals the letter refers to, or whether the allegations have any merit. McCord could not immediately be reached, and Fundrise did not respond to a request for comment. According to an SEC filing from November, McCord, 27, worked at auditing firm KPMG for several years before joining Fundrise in 2014. Ben Miller, CEO of the company, will assume his responsibilities temporarily.

Source: Fundrise | Michael McCord | Real Estate Crowdfunding

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About Stephen G. Barr, Group Publisher

Author, Syndicated Columnist, Editor In-Chief and Group Publisher at SGB Media Group, a social media marketing firm specializing in digital media content production, publishing, affiliate marketing, public relations and advertising. Over 25 years experience in retailing, advertising, website & online forum development, niche social networking, affiliate marketing, search optimization, branding and identity, site location, non-profit fund raising. Event planning, promotion, production and MC/Host at public events. Author, Editor & Publisher of 35 syndicated, digital publications utilizing multiple digital distribution channels in conjunction with launching and administrating national advertising campaigns for major Fortune 500 advertisers in partnership with Google, Ning, Facebook, Myspace, Yahoo, DoubleClick, LinkShare, PepperJam and other industry leading third party affiliate networks. Product development team member from conception to launch on many websites, tangible goods and organizational structure for start ups. Specialties: Public relations, retailing, advertising, website & online forum development, niche social networking, blogging, email campaigns, affiliate/performance marketing, search optimization, branding and identity, site location, event production & promotion, non-profit fund raising and tasteful, responsible adult content publishing. An internationally recognized and read social media columnist & pundit on The Examiner, Associate Content, Vator.tv, X-Biz.net and Technorati and his own affiliated sites.
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