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

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A former chief executive officer and former chief financial officer of Brixmor Property Group Inc were charged on Thursday with accounting fraud for manipulating a key financial metric for the large shopping center owner and operator.

The fraud and conspiracy charges against former CEO Michael Carroll and former CFO Michael Pappagallo follow guilty pleas to those charges last month by two other former Brixmor officials, chief accounting officer Steven Splain and senior vice president of accounting Michael Mortimer.

Brixmor, a New York-based real estate investment trust with about 421 shopping centers, said it will pay a $7 million fine and hire an independent consultant for its financial reporting to settle a related U.S. Securities and Exchange Commission civil lawsuit, without admitting wrongdoing.

The SEC also filed civil charges against the four individual defendants, all of whom resigned from Brixmor in February 2016.

Read the original article here: reuters.com

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