August 1, 2019 / 7:47 PM / 4 months ago

REFILE-U.S. charges ex-CEO, ex-CFO of Brixmor Property Group REIT with fraud

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NEW YORK, Aug 1 (Reuters) - A former chief executive officer and former chief financial officer of Brixmor Property Group Inc have been indicted on fraud and conspiracy charges for manipulating one of the real estate investment trust's financial metrics.

According to the indictment made public on Thursday, former CEO Michael Carroll and former CFO Michael Pappagallo were involved in a scheme to cause Brixmor to report "smoothed," or falsely inflated and deflated, "Same Property Net Operating Income Growth Rate," a key measure of a REIT's performance.

Carroll, Pappagallo and two other former Brixmor executives are also defendants in a related U.S. Securities and Exchange Commission civil lawsuit also made public on Thursday. (Reporting by Jonathan Stempel in New York; Editing by Richard Chang)

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