PUNTA GORDA — Jonathan Larmore, the former owner of Fishermen’s Village, faces up to 40 years in federal prison after his conviction in a scheme to inflate his stocks.
Larmore securities fraud trial took place in New York City.
He was convicted by a jury of one count of tender offer fraud and a count of securities fraud, each carrying a maximum sentence of 20 years.
Larmore, 51, of Punta Gorda, faces a March 4 sentencing.
According to court documents, Larmore used a fake invitation to shareholders to manipulate the stock price of WeWork, Inc., in a plan to drive up his stock options last year.
Damian Williams, the U.S. Attorney for the Southern District of New York, wrote Larmore tried to “trick the market and prey upon investors.” However, a simple timing mistake tipped off investigators and led to Larmore’s arrest.
“Unfortunately for Larmore, he mistimed how long it would take to properly format his press release and have it published,” Williams stated in a news release.
In the fall of 2023, Larmore manipulated the stock price of WeWork, a co-working space company headquartered in New York City and publicly traded on the New York Stock Exchange.