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Stock impact report

Investor behind scandal that tarnished B. Riley is criminally charged [Los Angeles Times (CA)]

B. Riley Financial, Inc. (RILY) 
NASDAQ:AMEX Investor Relations: ir.brileyfin.com/investor-relations
B. Riley Financial's $600-million bet on Kahn's disastrous retail holding company buyout has crippled the West L.A. firm, tanking its stock from $90 to under $3. Now rebranding to escape the scandal, B. Riley faces Nasdaq delisting as it struggles with filing delays and its debt load. The hedge fund investor at the heart of a scandal that damaged B. Riley Financial has been charged with criminal fraud as the West L.A. company continues efforts to dig out from under the debacle. Brian Kahn, 52, who led a disastrous management buyout of a retail holding company partly financed with $600 million in B. Riley debt, has been charged with conspiracy to commit securities fraud in a related case, according to a recent court filing. Kahn was an investor advisor for hedge fund Prophecy Asset Management, which collapsed in 2020. He was accused by the Securities and Exchange Commission in September in a civil action of participating in a fraud that lost investors more than $350 million wh Show less Read more
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