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Whitehall Probes $2M Loss; Suspects Insiders

MIAMI-The Brickell Avenue-based holding company, comprising a mortgage banking/residential title insurance services division and a hair-growth stimulation firm, alleges previous employees misappropriated $460,427. The company showed a profit of $190,563 in 2000.

By Alex Finkelstein | Updated on February 11, 2002

MIAMI-Whitehall Enterprises president/CEO Luis Alvarez has opened an investigation into the operating loss of $2.21 million for fiscal 2001 that ended Sept. 30. The company showed a profit of $190,563 in 2000.

The Brickell Avenue-based holding company, in the middle of Miami’s financial district, comprises a mortgage banking/residential title insurance division that operates in 12 states, a hair-growth stimulation firm and a medical diagnosis software section.

The company’s balance sheet is in shambles, Whitehall president/CEO Luis Alvarez tells shareholders in a prepared statement trying to explain the unprecedented loss.

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