W.P. Carey To Pay $30M To Settle Kickback Charges

Law360, New York (March 18, 2008, 12:00 AM EDT) -- Real estate investment firm W.P. Carey & Co. has agreed to cough up $30 million to settle allegations that it paid millions of dollars in kickbacks to a broker dealer.

The U.S. Securities and Exchange Commission, which brought the charges against W.P. Carey and two top executives, said Tuesday the firm would return the $20 million it allegedly pocketed from the scheme, and pay another $10 million in fines.

The firm's former chief financial officer John J. Park agreed to a $240,000 penalty and a five-year...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.