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ARCP was headquartered in NYC. It now operates as VEREIT, headquartered in Phoenix. NEW YORK CITY—The former CFO of American Realty Capital Properties, Brian Block, on Wednesday, was sentenced to 18 months in federal prison for overstating the company’s financial results. Prosecutors say Block’s fraud resulted in an intended overstatement of adjusted funds from operations by approximately $13 million in 2014.
Following a three-week trial, on June 30, a jury convicted Block of conspiracy to commit securities fraud, one count of securities fraud, two counts of making false filings with the SEC, and two counts of submitting false certifications along with required filings with the SEC.
Block’s co-defendant, former ARCP chief accounting officer Lisa McAlister, pled guilty to securities fraud and related charges the day before Block’s conviction.
In addition to the 18-month prison term, US District Judge J. Paul Oetken sentenced the 45-year-old of Hatfield, PA to three years of supervised release, and a $100,000 fine. Restitution will be determined at a future date.
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