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