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Rebranding isn't a bad idea after your ex-CEO is convicted of a federal crime and is about to begin serving a one-year prison sentence.
That's what's happening to Roco Real Estate of Bloomfield Hills, which is now called Acme Residential LLC, according to a report by Kirk Pinho in Crain's Detroit Business.
Former CEO Tyler Ross recently lost his appeal challenging a one-year sentence for falsifying financial documents related to property sales, Crain's reports. The name change for the company was announced a few weeks ago, around the time Ross’s appeal was denied.
Top executives—brothers Michael and David Colman—are now running the operation. Through a representative, they said, “The conduct of our former executive more than four years ago does not reflect the core values or ethical standards of our company,” Crain's reports.
Crain's reported last year:
In September 2023, Ross admitted to submitting falsified financial documents generally referred to as T12s — shorthand for “trailing 12-month” financial statements — for properties to lenders between 2015 and 2019. Those doctored statements made it appear as though some Roco apartment properties were performing better financially than they actually were when the company was seeking loans or refinancing.
