10 9 / 2012

Real-estate IPO of the day

United Realty Trust is controlled by Eli Verschleiser and Jacob Frydman. Verschleiser fled the country for two years after being ordered by a judge to appear in front of a federal grand jury. Frydman ran two real-estate companies which went bust. Neither has run a public REIT before, they have no established financing, and they will invest none of their own money in the company. Also, United Realty Trust’s does not own any properties and has not yet identified any properties for investment.

What could possibly go wrong?

Permalink 5 notes

  1. brucejwood said: If this is fraudulent and misrepresentation in the memorandum, then this should be reported to the SEC, IRS, Justice Dept.
  2. felixsalmon posted this