Former ARCP accounting officer Lisa McAlister expected to testify at ex-CFO Brian Block’s securities fraud trial
Both resigned in the wake of the accounting scandal that rocked Nicholas Schorsch’s real estate empire
January 11, 2017 @ 11:29 am | Bruce Kelly | InvestmentNews.com
Lisa McAlister, the former chief accounting officer of a giant real estate investment trust once controlled by Nicholas Schorsch, may be testifying against the REIT’s past chief financial officer, Brian Block in June at his pending trial for securities fraud.
Recent court filings in the federal district court in Manhattan indicate it is highly likely Ms. McAlister will testify against her former colleague.
Both Ms. McAlister and Mr. Block were front and center in the news of accounting problems at American Realty Capital Properties Inc., or ARCP, which were first revealed in October 2014. Ms. McAlister and Mr. Block immediately resigned from the company, which was renamed Vereit Inc. The company was formerly controlled by Mr. Schorsch, the senior partner of AR Global, the adviser to many nontraded REITs. Mr. Schorsch is no longer involved in the company.