CrowdStreet Appoints New CEO Amid Declining Deal Volume

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CrowdStreet, a leading real estate crowdfunding platform, has appointed John Imbriglia as its new CEO, effective July 15. Imbriglia, formerly of iCapital, will replace interim CEO Jack Chandler, who stepped in following the resignation of Tore Steen amidst a major scandal involving misappropriated funds by Nightingale Properties. Imbriglia’s extensive experience in alternative investments and his role at iCapital from 2014 to 2022 position him well to lead CrowdStreet. His tasks will include launching the company's first New York office and setting its strategic direction.

CrowdStreet has been grappling with the aftermath of the Nightingale scandal, which led to a $3M arbitration claim by investors who accused the platform of inadequate due diligence and unlicensed broker-dealer activities. Additionally, the platform has faced a downturn in deal volume due to rising interest rates. Despite these challenges, Imbriglia is optimistic about attracting investors seeking to diversify into private alternatives and anticipates increased investment opportunities as economic conditions improve.

CrowdStreet's board conducted an extensive search for the new CEO, with board member Lawson DeVries praising Imbriglia’s innovative approach and understanding of the alternative investment ecosystem. The company, which transitioned to a broker-dealer model last year, hopes to leverage Imbriglia’s leadership to navigate its current challenges and capitalize on future growth opportunities.

Original article posted on June 11, 2024

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