Lew Freeman's Business Placed In Receivership

Wow, Jordana Mishory reports this shocker:

In a stunning collapse, South Florida attorney and receiver Lewis Freeman went to court today to put his firm out of business and liquidate amid a federal investigation trying to trace $3.6 million from accounts overseen by the firm.

Miami-Dade Circuit Judge Victoria Sigler signed the order to shut down Lewis B. Freeman & Partners and place the firm in receivership under the control of another veteran South Florida receiver, Kenneth A. Welt of Hollywood.

Freeman, a lawyer and forensic accountant, h has often been slected over the years by federal and state judges as a receiver or trustee whenever companies went bust or were plagued by fraud. He did not return a call for comment.

I actually feel bad about this.

It was obvious that the FBI raid effectively ended Lew's receivership practice, as you cannot appoint someone to be a receiver or even an expert who is currently under federal investigation.

And while the full import is unknown of placing his entire business under receivership at the same time the FBI is tracing the firm's expenditures, it's hard to see this as a positive development.

Our thoughts and good wishes go out to Lew and the many professionals we know and respect over at his shop.