UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported):
March 28, 2011
Steadfast Income REIT, Inc.
(Exact Name of Registrant as Specified in Charter)
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Maryland
(State or Other Jurisdiction
of Incorporation)
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333-160748
(Commission File Number)
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27-0351641
(IRS Employer
Identification No.) |
18100 Von Karman Avenue, Suite 500
Irvine, California 92612
(Address of Principal Executive Offices, including Zip Code)
Registrants telephone number, including area code: (949) 852-0700
Not applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2.):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 5.02 |
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
On March 28, 2011, James M. Kasim notified Steadfast Income REIT, Inc. (the Company) of his
resignation from his positions as the Chief Financial Officer and Treasurer of the Company,
effective as of March 28, 2011 (the Effective Date). Mr. Kasim also resigned from his positions
as Chief Financial Officer and Treasurer of the Companys advisor, Steadfast Income Advisor, LLC
(the Advisor), effective as of the Effective Date.
Mr. Kasim is currently involved in legal proceedings related to his prior employment.
Specifically, Mr. Kasim filed a civil lawsuit against his former employer for wrongful termination
and other grounds. The former employer filed a counterclaim against Mr. Kasim seeking damages for
breach of fiduciary duty, conversion and breach of contract. On March 17, 2011, a criminal
warrant for grand theft was filed against Mr. Kasim in California Superior Court, County of Los
Angeles, which alleged that Mr. Kasim took unauthorized compensation while at his former employer.
Mr. Kasim denies the allegations contained in the counterclaim to the civil suit and the criminal
charge, and has retained legal counsel to vigorously defend the claims against him.
Mr. Kasim has been placed on administrative leave from all other positions with Steadfast
Companies as of the Effective Date. On March 31, 2010, the Companys board of directors appointed
Kevin J. Keating as Treasurer of the Company. Mr. Keating will serve as the principal financial
and accounting officer of the Company and as the Acting Chief Accounting Officer for the Advisor.
Kevin J. Keating, age 48, has served as the corporate controller for Advisor since January
2011 where he has focused primarily on the accounting function and compliance responsibilities for
the Company and Advisor. Prior to joining Advisor, Mr. Keating served as Senior Audit Manager with
BDO, USA, LLP (formerly BDO Seidman, LLP), an accounting and audit firm, from June 2006 to January
2011. From June 2004 to June 2006, Mr. Keating served as Vice President and Corporate Controller
of Endocare, Inc., a medical device manufacturer. Mr. Keating has extensive experience working
with public companies and served as an Assistant Controller and Audit Manager for Ernst & Young,
LLP from 1988-1999. Mr. Keating holds a Bachelor of Science, Accounting from St. Johns University
and is a certified public accountant.