The Journal quoted sources who said the FBI and SEC are focusing
their examination on whether CBL officials falsified information on
financial statements to banks when applying for financing
arrangements. The investigation stems from an ongoing review of
investments made by Sen. Corker, who began his real estate career
working at CBL and reported in Senate financial disclosures making
numerous trades in CBL stock for himself and his children.
"Law-enforcement officials have talked to former CBL employees who
allege the company inflated its rental income and its properties'
occupancy rates when reporting those figures to banks," the newspaper
said in a report published today. "The FBI and SEC officials have also
separately asked questions about the relationship between the company
and Corker, who is close with senior executives at the firm and has
made millions of dollars in profits trading the company's stock in
recent years." (link)
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