A former chief executive officer and former chief financial officer of Brixmor P...
NEW YORK - 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.
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. Prosecutors said Carroll and Pappagallo falsely touted the consistency of Brixmor’s SP-NOI growth rate, with Carroll even describing it at an industry conference as the REIT’s “secret sauce,” when in fact the rate fluctuated significantly.
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