U.S. Charges Ex-CEO, Ex-CFO Of Brixmor REIT With Fraud

U.S. Charges Ex-CEO, Ex-CFO Of Brixmor REIT With Fraud

7 million fine and hire an independent consultant for its financial reporting to stay a related U.S. Exchange and Securities Commission civil lawsuit, without admitting wrongdoing. Lawyers for those defendants did not immediately respond to requests for comment. Investigators started examining Brixmor in February 2016 following the REIT said it had uncovered “smoothing” in same property net operating income (“SP-NOI”), a key measure for investors of a REIT’s financial performance.

1.6 billion of market value, day after the disclosure on the first trading, relating to Reuters data. Prosecutors said Carroll and Pappagallo falsely touted the persistence of Brixmor’s SP-NOI growth rate, with Carroll even describing it at a business meeting as the REIT’s “secret sauce,” when in reality the rate significantly fluctuated. The defendants concealed the volatility through a number of means, including by squirreling away more income for future use in so-called “cookie jar” accounting, prosecutors said.

According to the indictment, Pappagallo once portrayed concern after a Brixmor buyer relationships employee questioned one of the suspect accounting methods. Carroll, 51, of Manhattan, and Pappagallo, 60, of Trumbull, Connecticut, each real encounters six legal charges, five of which carry maximum 20-year prison conditions. Splain, 57, lives in Cheshire, Connecticut, and Mortimer, 49, in Yardley, Pennsylvania. The criminal case is U.S. Carroll et al, U.S.

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