Brian Block trial witness says Nicholas Schorsch had hand in cooking the books at ARCP
Lisa McAlister, former chief accounting officer at the REIT once controlled by Nicholas Schorsch, said Mr. Schorsch instructed Mr. Block to obfuscate accounting fraud in a particular financial line item
June 20, 2017 | by Greg Iacurci | InvestmentNews.com
A key witness in the trial of Brian Block, the former chief financial officer of a giant real estate investment trust once controlled by Nicholas Schorsch, suggested Monday that Mr. Schorsch had a hand in cooking the company’s books by directing Mr. Block on how to fudge the numbers.
The witness, Lisa McAlister, the former chief accounting officer at the Schorsch-controlled REIT, American Realty Capital Properties Inc., was testifying against Mr. Block, her former boss. Mr. Block pleaded not guilty to charges including conspiracy and securities fraud stemming from the accounting of an…
Blue Vault helps me to stay well informed on the financial status of both open and closed nontraded REITs and BDCs, so that I can help my clients better understand the product, before they make the decision to invest and after.