Grant Thornton Resigns as Auditor for Multiple Schorsch-Associated Nontraded REITs
On January 22, Grant Thornton reportedly resigned as the independent registered public accounting firm for the eight REITs, including American Realty Capital Trust V, one of Nicholas Schorsch’s very popular ARC net lease REITs brought to the market after the financial crisis, according to recent filings with with the Securities and Exchange Commission currently being reviewed by attorneys Jason Kane and Joe Peiffer.
The SEC filings did not give a reason for the move, and the company is reportedly seeking a replacement. The Peiffer Wolf investment rights lawyers are investigating Nicholas Schorsch’s various nontraded REITs, and Thornton’s resignation.
Thornton Reportedly Gave No Reason for Resignation
Grant Thornton reportedly did not give a specific reason for its resignation, according to the eight filings. Rather, according to the filings, there were “no disagreements” between the specific REIT and Grant Thornton “on any matters of accounting principles or practices, financial statement disclosure or auditing scope or procedure.”
Schorsch and his nontraded REIT empire have steadily been in the news since the pivotal news came out that his flagship REIT, the publicly traded American Realty Capital Properties Inc., had allegedly uncorrected a $23 million accounting error from the first half of 2014, according to numerous reports. Sales of ARC REITs slowed as broker-dealers began suspending the product.
Investment Recovery Lawyers Investigating
The Peiffer Wolf investment recovery lawyers often represent investors who lose money as a result of investment misconduct, and are currently investigating Nicholas Schorsch’s real estate investment programs, his various nontraded REITs, and Thornton’s resignation. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Any investor who believes they lost money as a result of Nicholas Schorsch’s various nontraded REITs, may contact the investment recovery attorneys at Peiffer Wolf, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 585-310-5140.