Jonathan Larmore, who owned Fishermen’s Village before it was put in a receivership in October, was recently indicted for giving a false $77 million tender offer for WeWork stock.
Jonathan Larmore
Larmore, 51, of Punta Gorda, is charged with one count of tender offer fraud and one count of securities fraud, each of which carries a maximum sentence of 20 years in prison.
The offer led investors to buy WeWork stock at fraudulently inflated prices during after-hours trading, in an effort to drive up the value of his WeWork call options and shares, according to a press release issued by Damian Williams, U.S. attorney for the Southern District of New York, and James Smith, assistant director in charge of the New York Field Office of the FBI.
They announced the unsealing of the indictment March 14, and Larmore was arrested the same day.
“Jonathan Larmore allegedly drafted a fraudulent press release announcing a fictitious tender offer to inflate WeWork stock prices, after personally investing in the company through call options. Thankfully, Larmore was unable to widely distribute the press release before the end of the trading day, which failed to increase the share price in time and caused Larmore’s options to expire rather than making him millions,” Smith said in the release.
Smith added that even though Larmore’s “scheme did not net him his desired profits, Larmore’s conduct artificially impacted the market and caused harm to other shareholders. This indictment reaffirms the FBI’s commitment to protecting our nation’s economic integrity by holding responsible those who manipulate the system for financial gain.”
WeWork is a coworking space company that is headquartered in New York City and publicly traded on the New York Stock Exchange.
Larmore’s case is being handled by the office’s Securities and Commodities Fraud Task Force. Assistant U.S. Attorneys Justin V. Rodriguez and Alex Rossmiller are in charge of the prosecution.
“Jonathan Moynahan Larmore’s alleged actions strike at the heart of market integrity and investor confidence. By allegedly orchestrating a deceptive scheme involving a counterfeit tender offer, he purportedly preyed upon investors, artificially inflating the value of WeWork stock for personal enrichment. The charges leveled against Larmore highlight the profound implications of his alleged fraudulent conduct, emphasizing the imperative of accountability and transparency in our financial systems,” Williams said in the release.
Larmore was previously charged with fraud by the Securities and Exchange Commission in November. U.S. Bank, the mortgage holder of his various holdings, took over and filed a notice of foreclosure against Larmore.
Larmore was the CEO of ArciTerra Companies LLC, which owned Fishermen’s Village and numerous shopping malls nationwide. He lost control of his various investments when the SEC obtained an order to appoint a receiver on December 21, 2023.
Not included in the December receivership was Fishermen’s Village, which in October was placed in a separate receivership, confirmed Kathy Burnam, Fisherman’s Village marketing and events manager.
