Michigan Democrat gubernatorial candidate Shri Thanedar is in hot water for possibly making false claims in a sale that netted tens of millions of dollars for himself. A new federal lawsuit alleges that Thanedar, a multimillionaire Democrat candidate for governor, made fraudulent or misleading claims to “inflate the value of a company he sold last year in a deal that netted him roughly $20 million.” Thanedar recently made headlines for pumping roughly $6 million of his own funds into his campaign, but given the questions now surrounding his business dealings, Thanedar’s alleged actions give voters cause for concern as they consider his candidacy.
The Detroit News reports:
“A new federal lawsuit alleges Michigan gubernatorial candidate Shri Thanedar made ‘fraudulent and misleading’ claims to inflate the value of a company he sold last year in a deal that netted him roughly $20 million.
Attorneys for Avomeen Holdings, whose parent company purchased a controlling stake in the Avomeen chemical testing business in November, sued Thanedar on Tuesday in U.S. District Court in Detroit.
The 26-page complaint alleges the Ann Arbor Democrat and entrepreneur misrepresented his company’s monthly income streams and personally directed employees to smooth over volatile revenue growth in the months leading up to the sale.”
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