Apple REIT Pays $1.5M To End SEC Investigation

Law360, New York (February 14, 2014, 5:06 PM EST) -- Hotel investment firm Apple REIT Cos. Inc.'s four fund management entities agreed Thursday to pay $1.68 million to settle U.S. Securities and Exchange Commission allegations that the funds misled investors about their share-pricing methods and concealed inter-fund transactions and extra payments to executives.

The Apple REITs, which hold 191 hotels with 23,711 guest rooms in 33 states, are participating in the settlement without admitting or denying any allegations, according to a Form 8-K filed Thursday. Two executives, CEO Glade Knight and Chief Financial Officer Bryan Peery,...
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