Two former executives at American Realty Capital Properties Inc, including the o...
NEW YORK - Two former executives at American Realty Capital Properties Inc, including the onetime billionaire who built it, have reached more than $60 million in settlements with the U.S. Securities and Exchange Commission of charges they wrongfully extracted millions of dollars from the real estate investment trust.
The SEC said the defendants improperly inflated incentive fee calculations on two mergers, enabling them to obtain an extra 2.92 million American Realty operating partnership units as part of their pay. A spokesman for AR Capital said the New York-based company was pleased to settle, and will continue to focus on “creating value for the shareholders of the REITs that we manage.”“REIT managers and their professionals have an obligation to tell the truth when making disclosures to shareholders about their compensation,” Marc Berger, director of the SEC’s New York office, said in a statement.
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