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Former American Realty Capital CFO Convicted of Securities Fraud

The U.S. Attorney's office contends that the fraud resulted in an intended overstatement of American Realty Capital's AFFO of approximately $13 million and an intended overstatement of AFFO per share by approximately

By John Jordan | johnjordan | Updated on July 03, 2017

American Realty Capital was headquartered in Manhattan. The firm now operates as VEREIT Inc. and maintains its headquarters in Phoenix. American Realty Capital was headquartered in Manhattan. The firm now operates as VEREIT Inc. and maintains its headquarters in Phoenix.

NEW YORK CITY—Brian Block, the former chief financial officer of American Realty Capital Partners, was found guilty by a federal jury on Friday of securities fraud by inflating the company’s financial results to deceive investors in 2014.

The 44-year old of Hatfield, PA resident was convicted after a three-week trial of one count of conspiracy to commit securities fraud, one count of securities fraud, two counts of making false filings with the Securities and Exchange Commission and two counts of submitting false certifications along with required filings with the SEC. The securities fraud, false filings charges and false certification charges each carry a maximum prison term of 20 years. The charge of conspiracy carries a maximum prison term of five years, according to the U.S. Attorney’s office.

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