A financial consultant company is reportedly seeking a new chief executive after losing its top executive in the past week.
The firm is currently being led by former investment banker and hedge fund manager Michael Raskin.
He had been the CFO at Cushman & Rosen for nearly a decade, the Wall Street Journal reports.
Raskins resignation from Cushmans firm followed a recent report that his company, The Cushmots, was embroiled in a massive $1 billion fraud scheme, and the firm has been at the center of a massive corruption scandal surrounding the CFPB.
It was not immediately clear how the firm would be compensated.
Rago has reportedly had extensive experience in the financial sector.
In the past, he worked for several investment banks and was part of the investment bank team at Bank of America and Citigroup.
He also worked for Goldman Sachs and Citibank, and he joined Cushmares hedge fund in 2004.
Cushmers former CEO and CEO Michael Rago is reportedly leaving.
The CUSHMOTS group has faced scrutiny from the Department of Justice over alleged fraud.
Last week, the Federal Bureau of Investigation released a scathing report accusing the company of committing fraud on a staggering scale, according to The New York Times.
According to the report, the CUSHmots firm paid some of its employees less than $7 an hour.
The company was also accused of using its firm name to disguise its identity and of hiding hundreds of millions of dollars in assets.
It is unclear whether the firm is being compensated for the scandal.
CUSHmart is a leading financial services consulting firm with offices in the US and around the world.
According the Wall St Journal, Raskinos resignation from the firm came a day after it announced that it was ending a $100 million round of funding led by Blackstone Group and the New York Stock Exchange.