7 million fine and hire an independent consultant for its financial reporting to stay a related U.S. Securities and Exchange Commission civil lawsuit, without admitting wrongdoing. Lawyers for those defendants didn’t respond to demands for comment immediately. Investigators started examining Brixmor in February 2016 following the REIT said it had uncovered “smoothing” in same-property net operating income (“SP-NOI”), an integral measure for investors of the REIT’s financial performance.

1.6 billion of market value, on the first trading day after the disclosure, according to Reuters data. Prosecutors said Carroll and Pappagallo falsely touted the uniformity of Brixmor’s SP-NOI growth rate, with Carroll even describing it at a business conference as the REIT’s “key sauce,” when in fact the rate significantly fluctuated. The defendants concealed the volatility through a variety of means, including by squirreling away more income for future use in so-called “cookie jar” accounting, prosecutors said.

According to the indictment, Pappagallo once indicated concern after a Brixmor buyer relations employee questioned one of the suspect accounting methods. Carroll, 51, of Manhattan, and Pappagallo, 60, of Trumbull, Connecticut, each real faces six criminal charges, five of which carry maximum 20-year prison conditions. Splain, 57, lives in Cheshire, Connecticut, and Mortimer, 49, in Yardley, Pennsylvania. The criminal case is U.S. Carroll et al, U.S.

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