The announcement by the United States Attorney’s Office of the Southern District of New York of the indictment of Joshua Burrell on charges of securities fraud, wire fraud and aggravated identity theft is very saddening. Joshua Burrell was an advocate of making Opportunity Zone investments serve social purposes while providing superior returns to investors. His concept seemed to have a certain level of plausibility. It remains unclear as to how things went wrong. Burell’s attorney Todd A Spodek declined to comment at this time.

The Publicity

Recently Rob Rowan of the CFA Society of New York interviewed Josh Burrell – Real Estate for Charitable and Investment Returns, with Josh Burrell, Activated Capital,

Burrell was interviewed by Eddie Cullen who identifies Burrell as one of the leading investment professionals in New York City. I reached out to Cullen comment. The video was taken down before I finished this story.

Here is Burrell with Armstrong Williams

In the interviews we learn about the “double bottom line”. The idea is that ventures need to be evaluated for the positive social impact that they create. The sort of win, win, win that Burrell was talking about was rehabbing residences in depressed markets and then leasing them on some sort of rent to own deal. The advantage of the rehab model was that he would be able to deliver 8% cash flow…

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