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One of Tennessee Sen. Bob Corker’s favorite REITs is under investigation for alleged accounting fraud.
CBL & Associates Properties is being investigated by the FBI and the SEC to determine whether company officials falsified information on their financial statements to banks when applying for financing arrangements, the Wall Street Journal reports.
Former employees claim the firm inflated both its rental income and property occupancy rates to the banks, and both federal regulatory agencies have asked question regarding the relationship between Sen. Corker and the firm—he’s friends with the senior execs and has recently made millions trading the company’s stock. [WSJ]
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