After nearly three years of legal maneuvering following a guilty conviction for securities fraud, Brian Block, the former senior financial officer for several real estate investment trusts run by Nicholas Schorsch, is heading to prison.
Block was found guilty by a jury for securities fraud and related charges in June 2017 in federal court in Manhattan. Since then, he and his attorneys sought a new trial and then tried to take his case to appeals court.
That didn't work. Earlier this month, U.S. district court judge J. Paul Oetken ordered Block to report to federal prison in August to begin his 18-month sentence.
An attorney for Block, Michael C. Miller, a partner at Steptoe & Johnson, did not return calls to comment.
Oetken recommended that Block be housed at the minimum-security prison camp at Federal Correctional Institution, Fairton in New Jersey. His date of surrender is August 10, according to the order.
Block was the former chief financial officer of American Realty Capital Properties Inc., a real estate investment trust founded and run by real estate investor Schorsch. The charges against Block relate to his fraudulent preparation in 2014 of financial statements for ARCP, which has since changed its name to Vereit Inc.
Schorsch and his management team were then replaced by the end of 2014 and had no further involvement in the company.
Schorsch was not charged in the matter.
The "Crypto Mom" departure would leave the SEC commission with just two members and no Democratic commissioners on the panel.
IFP Securities’ owner, Bill Hamm, has a long-term plan for the firm and its 279 financial advisors.
Meanwhile, a Osaic and Envestnet ink a new adaptive wealthtech partnership to better support the firm's 10,000-plus advisors, and RIA-focused VastAdvisor unveils native integrations with leading CRMs.
A former Alabama investment advisor and ex-Kestra rep has been permanently barred and penalized after clients he promised to protect got caught in a $2.6 million fraud.
As more active strategies get packaged into the ETF wrapper, advisors and investors have to look beyond expense ratios as the benchmark for value.
Wellington explores how multi strategy hedge funds may enhance diversification
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
