Nicholas Schorsch’s RCS Capital Allegedly Had Accountancy Glitches, SEC Reports
Have you or a family member invested any money into Nick Schorsch’s nontraded REITs?
The Peiffer Rosca Wolf investment recovery lawyers are actively investigating the recent activity of REITs by Nicholas Schorsch’s American Realty Capital (ARCP) and RCS Capital Corp. (RCAP)., and the possibility of assisting any investors with the recovery of any losses they may have suffered.
ARCP has been mired in an alleged accountancy scandal which has had negative repercussions on Schorsch’s second public company, RCAP, according to reports currently being reviewed by attorneys Joe Peiffer and Alan Rosca.
With its shares in a nosedive, RCS Capital reportedly sought the counsel of an outside law firm and forensic accounting firm to review its financials for the first three fiscal quarters of 2013.
This review reportedly gave RCS Capital a clean review, but the company has allegedly yet to explicate some important facts. For example, in filings with the SEC Securities and Exchange Commission, RCS Capital highlighted “significant deficiencies” in its internal controls over financial reporting for the third quarter of 2013.
RCS Capital is the holding company for a collection of brokerage firms and other financial companies, a few of which were pounced on by Schorsch in an acquisition splurge this year. Earlier, on November 5, RCS reportedly tried to distance itself from ARCP.
The November 5 release stated, “The RCAP Board, Audit Committee and its management team have full confidence in RCAP’s reported financials, accounting and internal controls.”
Investor Rights Attorneys Investigating
The Peiffer Rosca Wolf investor rights attorneys often represent investors who lose money as a result of investment misconduct. They are currently investigating Nicholas Schorsch, ARCP, RCAP, their sale of nontraded REITs, and the possibility of assisting any investors with the recovery of any losses they may have suffered. 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 Investors who believe they lost money as a result investment through investments with Nicholas Schorsch, ARCP, or RCAP may contact the investment rights attorneys at Peiffer Rosca Wolf, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.
Broker: Nicholas Schorsch
Status: INVESTIGATED by Peiffer Rosca.
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