CAMBRIDGE, Mass. – Harvard University deposited a hedging coach over his house to almost double his assessed value for a wealthy businessman whose teenage son is later admitted to school and joined the team.
Director of Athletics Bob Scalise said in Tuesday's e-mail statement that Peter Brand has released the hedging coach in breach of Harvard's conflict of interest policy.
The Boston Globe reported in April that Brand received almost $ 1 million in 2016 for its three-bedroom Boston suburban house, which was assessed at the time at around $ 550,000.
The buyer, Jie Zhao, never lived at home and sold it at a sharp loss 17 months later. The two men refuse to do wrong.
Brand lawyer, Douglas Brooks, says Brand winding is "unfair, unjust, and badly broken for a loyal employee." Brooks says that Brand is considering its legal choices.