DENVER BUSINESS JOURNAL - Re/Max Holdings Inc. said today it's delaying its third-quarter earnings release and conference call because of an "internal investigation," citing possible "allegations of wrongdoing."
The Denver-based real estate franchise company said it's investigating a $2.375 million personal loan at "a below market interest rate" from company founder, Chairman and co-CEO David Liniger to co-CEO Adam Contos.
Contos, formerly the company's COO, was named co-chief executive in May.
In addition to the loan, the company said it's investigating "certain other personal transactions in the form of cash and non-cash gifts."
The company said in a statement it is also investigating "allegations of wrongdoing in employment practices and conduct. These matters could constitute violations of the company's codes of ethics and business conduct and policies."
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