Jeb Bush’s Rush to Make Money May Be Hurdle

By MICHAEL BARBARO, NYT, APRIL 20, 2014

As it sought to recruit well-heeled investors, an untested and unprofitable Miami company named InnoVida brought aboard a trusted Florida figure in 2007: Jeb Bush, the former governor and the brother of a sitting president.

For potential stockholders, the imprimatur of Mr. Bush, who joined InnoVida as a paid consultant and a member of the board of directors, conferred credibility on the young start-up.

That credibility did not last long. It turned out that the leaders of InnoVida, a manufacturer of inexpensive building materials, had faked documents, lied about the health of the business and misappropriated $40 million in company funds, records show. The company went bankrupt in 2011, its founder eventually went to jail and investors lost nearly all of their money.

Mr. Bush left public office seven years ago with a net worth of $1.3 million and an unapologetic determination to expand his wealth, telling friends that his finances had suffered during his time in government.

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