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

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

1.6 billion of market value, day after the disclosure on the first trading, regarding to Reuters data. Prosecutors said Carroll and Pappagallo falsely touted the uniformity of Brixmor’s SP-NOI growth rate, with Carroll even explaining it at a business conference as the REIT’s “key sauce,” when in fact the speed fluctuated significantly. The defendants concealed the volatility through a variety 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 investor relations employee questioned one of the suspect accounting strategies. Carroll, 51, of Manhattan, and Pappagallo, 60, of Trumbull, Connecticut, each faces six legal charges, five of which bring maximum 20-12 months 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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