William Galvin, Secretary of the Commonwealth of Massachusetts, Investigating Nicholas Schorsch’s Realty Capital Securities

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New Orleans stockbroker fraud attorney

Did you invest funds with Nicholas Schorsch’s nontraded REITs?

The Peiffer Wolf Carr & Kane investor rights lawyers are currently investigating the sale of nontraded real estate investment trusts, or REITs, by Nicholas Schorsch’s Realty Capital Securities, a Boston-based firm also being looked into by the office of William Galvin, Secretary of the Commonwealth of Massachusetts.

Realty Capital Securities serves as the wholesaling arm of RCS Capital Corp., a broker-dealer holding company.  Schorsch serves as the executive chairman of RCS Capital, or RCAP.

The SEC and FBI have also commenced investigations of ARCP, according to news reports being reviewed by attorneys Joe Peiffer and Jason Kane.

The reports also detail that Mr. Galvin’s office, which also includes the Massachusetts securities division, is specifically looking at what information was given to investors who bought the REITs and what they were told regarding accounting practices.

Recently, Schorsch’s REIT Empire, the largely traded REIT American Realty Capital Properties Inc., revealed an alleged $23 million accounting error over the first six months of this year that was intentionally uncorrected.

Investment Fraud Attorneys Recovery Lawyers Investigating

The Peiffer Wolf Carr & Kane investment rights attorneys often represent investors who lose money as a result of investment misconduct. They are currently investigating Nicholas Schorsch and the sale of ARCP and RCAP 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 with Nicholas Schorsch or investment in ARCP or RCAP REITs may contact the investment rights attorneys at Peiffer Wolf Carr & Kane, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at (585) 310-5140.

Broker: Nicholas Schorsch

Status: INVESTIGATED by Peiffer Rosca.

For brokercheck report and additional info click here!

phil korosec (1250 Posts)

In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.