Alleged Creator of Fake WeWork Offer Could Face Up to 40 years in Prison -- Market Talk

Dow Jones03-20

1611 ET - The Phoenix real-estate investor who allegedly launched a fake offer to buy struggling WeWork will get his day in court. The Justice Department unseals its indictment of Jonathan Larmore, charging him with one count of tender offer fraud and one count of securities fraud, both of which carry max sentences of 20 years. DOJ alleged that Larmore created the fake company Cole Capital to launch a tender offer WeWork, but then failed to publish the press release with the tender offer in time to cash out. Shares surged following the offer, after many of Larmore's call options had already expired, DOJ said. He allegedly spent $775,000 on short-dated call options in WeWork. (ben.glickman@wsj.com; @benglickman)

(END) Dow Jones Newswires

March 19, 2024 16:11 ET (20:11 GMT)

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