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


One thought on “Fundrise | Michael McCord | Real Estate Crowdfunding

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