SEC charges taxicab lender Medallion Financial with fraud [Murstein]
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
RPM co-owner Andrew Murstein’s on-going drive towards diversity
In Bubba Wallace, they have a driver that has not only brought diversity to the sport but also could be one of the top drivers in the sport.
Murstein: “It was a perfect fit for us to diversify away from just taxi lending but keep the same goal of lending exclusively to women and minority owned companies
With Cuomo, a Democratic, joining the Board of Directors, Murstein added some political balance by bringing former Connecticut Governor Lowell Weicker, a Republican, on board. Then, Murstein continued to show diversity by convincing Baseball Hall of Famer Hank Aaron to join Medallion’s Board of Directors.
Just like Cuomo, Aaron took some time to look at Medallion and see if it was right fit for him.
https://speedwaymedia.com/2019/09/09/rpm-co-owner-andrew-mursteins-on-going-drive-towards-diversity/
Hey all. Anyone digging medallion? Dumb as this bubba thing is, I know racing.
https://8kun.top/qrb/res/42359.html#42528
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