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

January 12, 2017

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

Both resigned in the wake of the accounting scandal that rocked Nicholas Schorsch’s real estate empire

January 11, 2017 @ 11:29 am | Bruce Kelly | InvestmentNews.com

Lisa McAlister, the former chief accounting officer of a giant real estate investment trust once controlled by Nicholas Schorsch, may be testifying against the REIT’s past chief financial officer, Brian Block in June at his pending trial for securities fraud.

Recent court filings in the federal district court in Manhattan indicate it is highly likely Ms. McAlister will testify against her former colleague.

Both Ms. McAlister and Mr. Block were front and center in the news of accounting problems at American Realty Capital Properties Inc., or ARCP, which were first revealed in October 2014. Ms. McAlister and Mr. Block immediately resigned from the company, which was renamed Vereit Inc. The company was formerly controlled by Mr. Schorsch, the senior partner of AR Global, the adviser to many nontraded REITs. Mr. Schorsch is no longer involved in the company.

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Gregory De Jong, CFP, Co-Founder of Paragon Advisors, LLC.
July 7, 2015

Blue Vault is just what advisors need to size up the different offerings in the nontraded REIT market. Just as importantly, it’s what the industry needs to encourage best practices among REITs.