Articles Tagged with Chief Financial Officer

According to a recent InvestmentNews article, Brian S. Block, former Chief Financial Officer at American Realty Capital Properties Inc., now known as Vereit, was charged with overstating financial performances at the company. The Department of Justice and the Securities Exchange Commission (SEC) also charged him with overstating the financial performance of the company by purposefully inflating a key metric used by analysts and investors to assess the company. Allegedly, Block and another chief accounting officer, Lisa McAlister devised the scam to manipulate the calculation of the real estate investment trust (REIT’s) adjusted funds from operations. Mr. Block was arrested Thursday morning on conspiracy, securities fraud, and other charges. Ms. McAlister pled guilty to one count of conspiracy to commit securities fraud, one count of securities fraud, and one count of making false statements.

REITs tend to be very risky and illiquid investments that are not suitable for all investors. If you were recommended and sold the Vereit non-traded REIT, and lost funds, you may be able to recover them in the Financial Industry Regulatory Authority (FINRA) by suing your brokerage firm on a contingency fee basis. The call to us to discuss your options with an attorney is free, so please call today. 312-332-4200.

Shares of Energy Tranfer Equity plunged after the company disclosed that it was making a change to the Chief Financial Officer of its general partner. Meanwhile, master limited partnerships (MLPs) and other peers were downgraded by research firm Robert W. Baird. MLPs are publicly traded partnerships that receive tax benefits and often own oil assets. The downgrade comes because of the bankruptcy of exploration and productions companies, fund outflows and macroeconomic conditions. Other companies that were downgraded include EnLink Midstream (ENLC) ONEOK Partners (OKS), Plains All American (PAA) and Plains GP Holdings. Thomas Long will replace Jamie Welch as CFO of Energy Transfer Equity. Long is currently the CFO of Energy Transfer Partners, LLC which owns Energy Transfer Partners, LP, another MLP. Please call our law offices is you have experienced losses in MLPs.

Did you lose money with Lowell S. Wilson or John S. Jumper with Alluvion Securities? If so, please contact our securities law office at 312-332-4200 to speak to an attorney. We may be able to help you recover any financial losses you may have suffered with Wilson, Jumper, and their company, Alluvion Securities. We sue firms such as Alluvion Securities in the Financial Industry Regulatory Authority (FINRA) arbitration process for not adhering to industry standards and rules. The call is free with no obligation.

According to a disciplinary proceeding conducted by FINRA, from September 5, 2012 through October 8, 2013, Alluvion Securities failed to maintain required minimum net capital while conducting its securities business, through its Chief Executive and Compliance Officer, John Jumper, and its Chief Financial Officer and Operations Principal, Lowell Wilson. Jumper and Wilson are accused of failing to establish, enforce and maintain a supervisory system, including written supervisory procedures, designed to achieve compliance with the requirements of FINRA rules. Wilson was terminated from the firm on December 24, 2014. Wilson is no longer associated with any FINRA member firm. Jumper is currently registered with FINRA and associated with Alluvion.

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