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3h ago

FINRA Probes Trading in Douglas Elliman Shares After Anywhere Bid Reports

Letters seen by Reuters show requests for a chronology with identification of insiders privy to Anywhere’s approach.

A view of the Manhattan skyline as seen from Bayonne, New Jersey, U.S., July 30, 2025. REUTERS/Shannon Stapleton/File Photo
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Overview

  • FINRA’s market abuse unit sent letters in June and August seeking a detailed account of events before May 23 news reports, describing the effort as a routine review.
  • The watchdog requested board minutes, the roster of people informed about the offer, communications with advisers, the company’s trading policy, and preclearance records for trades before the reports.
  • Douglas Elliman told FINRA that director Patrick Bartels sought and received clearance on May 7 to buy $250,000 of company stock, a purchase later disclosed in an SEC filing.
  • News reports on May 23 about Anywhere’s offer sent Douglas Elliman shares sharply higher, and Reuters could not determine what triggered FINRA’s review or whether any specific trades are a focus.
  • Anywhere made a $5-per-share proposal on March 5, pulled back on April 16, submitted a revised bid on May 20, and discussions ended in early June, as Compass this week agreed to acquire Anywhere.