Being a leading highly Diversified Investment Group, Fortress Investment Group was recently investigated by the Securities and Exchange Commission. Ex ceo Dan Mudd Is being accused of misleading investors after having Insider information while he worked at Fannie Mae. Mudd is also being investigated by the FBI. Because of this, Mudd stepped down as CEO of Fortress Investment group. He was replaced by a man by the name of Randal Nardone.As the new CEO, Randal Nardone immediately had a lot on his hands. As of late 2011, when Mr. Nardone took over, Fortress Investment Group had over 43 Billion in assets under management.
At one point as the co-founder of Fortress Investment Group, he was worth approximately 1.8 billion dollars.Nardone has a very impressive background, he graduated from University of Connecticut for his Bachelor’s degree. He then got his law degree from the Boston University School of Law.He started his career as a lawyer at the law firm Thacher Proffitt and Wood. Nardone spent time at the investment firm UBS financial, as well as Blackrock financial group. He then was a co founder of Fortress Financial Group LLC along with Wesley Edens and Robert Kauffman in 1998.
Fortress Financial had a couple of very good years between 1999 and 2006 where the their assets under management gained an average of 39.7 percent average per year, which is outstanding. Especially when they pay themselves 2 and 20, 2 percent of the assets under management and 20 percent of the gains.Due to financial knowledge of Nardone has also consulted for many large companies, helping them increase their revenues and profits. Overall Nardone is a very smart and successful person. He is a hard worker and has a lot of responsibility. Nardone originally started his career in law but then moved into Finance and is very successful in both fields.