State of Massachusetts Broadening Investigation into Nicholas Schorsch’s Real Estate Reign
The Peiffer Rosca Wolf investment recovery attorneys are presently investigating Nicholas Schorsch‘s real estate empire.
Since November, William Galvin, secretary of the Commonwealth of Massachusetts, has been conducting an investigation into Realty Capital Securities, the wholesaling broker-dealer arm of Mr. Schorsch’s nontraded real estate trust empire, according to documents released by the Massachusetts Securities Division (MSD) which are currently being devoured by attorneys Alan Rosca and Joe Peiffer.
The aforementioned MSD documents also reveal that Galvin is reconnoitering not only Realty Capital Securities, but three other entities Mr. Schorsch controls: American Realty Capital Properties Inc., or ARCP, the giant traded REIT that Mr. Schorsch resigned as chairman from this week; American Realty Capital, the alternative investment manager and sponsor of which he is chairman and chief executive; and RCS Capital Corp., the publicly traded brokerage holding company of which he is executive chairman.
Massachusetts continues to broaden its investigation into Mr. Schorsch’s empire, which is related to a huge defamation lawsuit by Lisa McAlister against ARCP, Mr. Schorsch, and David Kay, the former CEO of ARCP, the MSD further reports.
According to the complaint, the former ARCP chief accounting officer reportedly alleges that McAlister and another former top executive were scapegoated by Mr. Schorsch and other executives for a $23 million accounting error cover-up that shook the company and its culture when it was disclosed at the end of October.
Investment Recovery Lawyers Investigating
The Peiffer Rosca Wolf investment recovery lawyers often represent investors who lose money as a result of investment misconduct. They are currently investigating Nicholas Schorsch, and the possibility of assisting any investors who believe that they have lost money with him, ARCP, or any of the aforementioned firms which he controls. 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 or the firms he operates may contact the investment recovery lawyers 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.
For brokercheck report and additional info click here!