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Ex-CFO Brian Block found…

June 30, 2017

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Ex-CFO Brian Block found… Guilty

June 30, 2017 | James Sprow | Blue Vault

Male judge in a courtroom

A New York federal jury on Friday found the former CFO of American Realty Capital Properties Inc. guilty of securities fraud and related crimes for fabricating numbers in filings to the U.S. Securities and Exchange Commission to artificially boost a key earnings metric.

After hearing nearly three weeks of sophisticated and confusing financial testimony, the jury of nine women and three men returned the verdict against Brian Block, 45, on the first day of deliberations.

Block was convicted of securities fraud, two counts of filing false SEC reports, two counts of filing false certifications, and one count of related conspiracy. The conspiracy charge carries a sentence of up to five years in prison. The other five could leave Block to serve a maximum 20 years each.

See other related news:

Brian Block denies cooking the books at Schorsch REIT

Brian Block’s lawyer portrays prosecution witness as a liar

Brian Block trial witness says Nicholas Schorsch had hand in cooking the books at ARCP

Block Seeking to Prevent Testimony of “Cover Story” in ARCP Fraud Trial

Former ARCP accounting officer Lisa McAlister expected to testify at ex-CFO Brian Block’s securities fraud trial

 

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Matthew C. Strife
Blue Vault Services
April 11, 2016

Blue Vault's services are without question great resources for the review of the nontraded products offered.