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So in 2011, Sperling borrowed between $100,000 and $250,000 from Shapiro at 5 percent, a rate that appears to be well below the interest banks charged at the time for comparable loans. Sperling listed his borrowing on his financial disclosure forms.
In each of the next two years, Sperling went to Shapiro again, taking out two more loans that brought his debt to a total of between $300,000 and $600,000. (The forms require disclosure of a range, not specific figures.) The loans are unsecured. Sperling consolidated earlier loans from Shapiro, one made in 2006 and the 2011 loan, into the later ones. |