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INRA has begun probing who was aware of a possible Douglas Elliman‑Anywhere merger before the story broke. Two letters obtained by Reuters show the regulator’s inquiry started after Bloomberg first reported the deal on May 23, when Elliman’s shares spiked. On June 9, FINRA sent Elliman a letter requesting a detailed written chronology of events leading up to the media coverage, including board minutes and the names of anyone who knew of merger talks. The agency said the request is part of a routine review of trading and does not imply any violations have been found.

    Elliman’s reply, dated June 25, disclosed a single early‑May trade request from a board member that the brokerage approved, worth $250,000. The merger discussions had collapsed around the time FINRA notified Elliman of its review. Meanwhile, on September 22, Compass announced it would acquire Anywhere, creating the world’s largest brokerage.

    FINRA declined to comment on September 26, and Real Estate News has asked Elliman for a statement, promising an update when a response arrives.