The U.S. Securities and Exchange Commission has started a formal investigation of St. Joe Co., Northern Florida’s largest landowner, and Chairman Bruce Berkowitz, its biggest shareholder, the company said today. John Gittlesohn reports on Bloomberg Television’s “Taking Stock.”

St. Joe Says SEC Is Probing Financial Reports… by Bloomberg

July 5 (Bloomberg) — Bruce Berkowitz, founder of Fairholme Capital Management LLC and chairman of St. Joe Co., discusses the U.S. Securities and Exchange Commission’s formal investigation of him and St. Joe. The probe “covers a variety of matters” including securities-law anti-fraud provisions for corporate officers and board members, internal controls and financial reports, Watersound, Florida-based St. Joe said in a filing with the SEC on July 1. Berkowitz, St. Joe’s biggest shareholder, speaks with Erik Schatzker on Bloomberg Television’s “InsideTrack.” (Source: Bloomberg)