GREAT NECK, N.Y. (AFX) - The Securities and Exchange Commission began a formal investigation of real estate investment trust One Liberty Properties Inc., the company said Wednesday.
One Liberty believes the investigation relates to improper payments made to former President and Chief Executive Jeffrey Fishman. The company said the payments, from an 'entity' doing business with one of its joint ventures, were reported to the SEC.
Fishman resigned from the company in July 2005 after the company discovered the payments and its audit committee began an investigation, One Liberty said.
One Liberty shares closed up 38 cents, or 2 percent, at $19.86 on the New York Stock Exchange. Shares have traded between $18.33 and $22.64 over the past 52 weeks.
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