Action against Defendants, an asset manager, its founder, and its former CFO, for alleged fraud. According to the SEC, Defendants arranged for mergers among three real-estate investment trusts (“REITs”). The SEC alleges that Defendants inflated their incentive fees and fraudulently charged the REITs duplicative, inflated, or fabricated expenses. Defendants have agreed to jointly and severally pay disgorgement in the amount of $39 million. Defendant asset manager, founder, and former CFO have agreed to pay civil penalties of $14 million, $7 million, and $750,000, respectively.