A young, yet prominent investment institution has claimed insolvency after a series of internal spending expenditures have gone unchecked by Executives. Chairman and CEO Carter Mayer told investors today, “Our diversified investment holdings continue to be safe and lucrative for the long term, however, we are unable to meet the demands for unexpected withdrawals in the near term. We are working with regulators to restructure the company can increase liquidity.” People close to the company said that frivolous spending and unrealistic expectations of future earnings simply got out of control.
This is a developing story.