SEC charges taxicab lender Medallion Financial with fraud

Shares of Medallion plunged 57% to $3.65 in premarket trading.

Medallion and [COO Andrew Murstein] paid a California media strategist to place positive stories about Medallion on various websites and create fake identities to make the opinion pieces appear credible to investors.

SEC said Medallion and Murstein separately and fraudulently inflated the value of the company's banking unit to offset losses from taxicab loans

2h ago

https://www.msn.com/en-us/money/markets/sec-charges-taxicab-lender-medallion-financial-with-fraud/ar-AASeXDT

6.21 -2.24 (-26.51%)

https://finance.yahoo.com/quote/MFIN?p=MFIN

Alvin Murstein

Chairman and Chief Executive Officer

Elected 1995

Andrew M. Murstein

President and Chief Operating Officer

Elected 1997

https://www.medallion.com/investors_board_directors.html

In Medallion Financial's case, its President, Andrew Murstein, is the largest shareholder, holding 8.1% of shares outstanding. For context, the second largest shareholder holds about 6.8% of the shares outstanding, followed by an ownership of 4.6% by the third-largest shareholder. Interestingly, the second-largest shareholder, Alvin Murstein is also Chief Executive Officer, again, pointing towards strong insider ownership amongst the company's top shareholders.

Be aware that Medallion Financial is showing 2 warning signs in our investment analysis , and 1 of those makes us a bit uncomfortable…

25 October 2021

https://uk.finance.yahoo.com/news/type-shareholders-own-most-number-150248787.html

Multimillionaire NY taxi tycoon hires Nicki Minaj for his son's bar mitzvah and puts down a red carpet for all his friends (and Governor Cuomo) inside one of New York's priciest hotels

when you're the son of multimillionaire New York taxi tycoon Andrew Murstein, Nicki Minaj turns up and puts on a private performance for you and 150 of your closest friends

https://www.dailymail.co.uk/tvshowbiz/article-3058472/Nicki-Minaj-post-picture-new-13-year-old-pal-Instagram-putting-private-bar-mitzvah-performance-friends.html