Berkowitz, St. Joe Face an SEC Probe
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Tuesday, July 05, 2011

Berkowitz, St. Joe Face an SEC Probe

A company controlled by star PM Bruce Berkowitz faces new regulatory scrutiny. On Friday the St. Joe Company (which Berkowitz chairs and, through, Fairholme Funds, controls about one-third of) revealed that the SEC is investigating the WaterSound, Florida-based property developer [see filing].

The Wall Street Journal's Robbie Whelan reported on the news.

The beleaguered St. Joe first revealed in January that it was the subject of "an informal inquiry" by the SEC. The now-formal "private investigation," which the SEC informed St. Joe of on June 24, involves antifraud questions, compliance around reporting by its biggest shareholders (like Fairholme), and more.

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