News > Hedge Funds

If you see David Einhorn, give the man a high-five

By NexChange
Hedge Funds

After shorting St. Joe the past eight years, the man just saw the SEC hand him one of his greatest victories:
“The Securities and Exchange Commission today charged The St. Joe Company, a Watersound, Florida-based real estate developer and landowner, its former top executives, and two former accounting department directors, with improperly accounting for the declining value of its residential real estate developments during the financial crisis. As a result of this misconduct, St. Joe reported materially overstated earnings and assets in 2009 and 2010.”
As for Bruce Berkowitz – whose latest 13D shows him owning 32.3% of St. Joe – it might be best to give him a hug.
Photo: Insider Monkey

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