FBI Probes California Real Estate Firm Continuum Analytics
October 30, 2025 – The Federal Bureau of Investigation (FBI) last month conducted a search of the Newport Beach, California, offices of real estate firm Continuum Analytics, which is connected to $160 million in loans recently disclosed by Zions Bancorp and Western Alliance Bancorp.
Legal correspondence seen by Reuters indicates that Continuum Analytics is affiliated with the lesser-known Cantor Group funds, which have defaulted on multiple loans, raising concerns among investors about corporate credit risk in the U.S. banking sector.
Details of the FBI Search
On September 11, 2025, FBI agents searched Continuum’s offices, as documented in a letter from law firm Paul Hastings dated September 12. Another law firm, Allen Matkins, confirmed in an October 2 letter that some of its clients were subject to search warrants linked to a pending criminal investigation, and that a grand jury had been convened.
“These letters do not specify the criminal authority leading the investigation or the individuals involved,” Reuters noted. “Criminal investigations do not necessarily indicate wrongdoing, and many do not result in charges.”
Continuum and its associated parties did not respond to requests for comment.
Legal Disputes Over Troubled Loans
The FBI probe coincides with civil litigation over troubled commercial and industrial loans:
- On October 15, Zions sued Cantor Group fund guarantors Andrew Stupin and Gerald Marcil to recover over $60 million.
- Western Alliance had previously sued the pair and another Cantor fund in August for nearly $100 million, alleging fraud and misrepresentation in loan agreements.
Continuum Analytics acquires and manages distressed real estate assets for groups of investors. According to a February arbitration ruling, the Cantor Group consists solely of Deba Shyam, Continuum’s legal owner, sharing office space with the firm.
Investors and Defendants Respond
A Cantor Group attorney stated that loans were audited and reviewed multiple times over the years, asserting that investors Stupin and Marcil were passive participants with no operational roles. Marcil, one of the investors, denied any wrongdoing, claiming he had been a victim of the circumstances.
Zions and Western Alliance have not provided public comments regarding the ongoing investigation or civil lawsuits.
Market Implications
The FBI search and legal disputes highlight potential risks in commercial real estate lending and the vulnerability of banks to defaults in distressed property loans. Analysts warn that cases like this could affect investor confidence and corporate credit perceptions, especially amid a broader environment of tightening lending standards.
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