Guaranteed Rate Investors Stand by CEO Amid Scandal

Mike Golden and Thad Wong, the co-CEOs of Chicago brokerage @properties, have voiced support for a prominent mortgage lender that they’ve held an investment in since it launched 24 years ago.

Golden and Wong are standing behind Victor Ciardelli, founder and CEO of Guaranteed Rate, in light of an alleged toxic work environment detailed by former employees, Crain’s reported, citing a recent exposé by the Chicago Tribune.

“They trust that Victor and the company will respond to this situation in a way that demonstrates their commitment to a positive, healthy and inclusive workplace,” an @properties spokesman told the outlet.

The Tribune report detailed claims from nearly 80 former employees, who described a culture rife with sexual harassment, misogyny, intimidation and gender-based discrimination. The allegations are supported by court records, internal documents and text messages. Ciardelli and Guaranteed Rate have denied the accusations, asserting that the company maintains a supportive environment for women and fosters a positive workplace culture.

The fallout from the report has cast a spotlight on Guaranteed Rate, which has been a significant player in Chicago’s financial services industry and has held the naming rights for the Chicago White Sox’s stadium since 2016. Despite the controversy, Ciardelli continues to receive backing from key investors.

Boston-based private-equity firm THL Partners, which acquired a minority stake in Guaranteed Rate in 2018, declined to comment on the recent allegations. At the time of their investment, THL lauded Guaranteed Rate’s technological advancements and market growth potential.

Meanwhile, @properties, a subsidiary of Christie’s International Real Estate, is consistently among the most prolific brokerages in Chicago. Four of the firm’s agents or teams ranked in the top 10 brokers of 2023, completing a combined 587 deals totaling more than $526 million.

—Quinn Donoghue