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RCS Capital Confirms SEC, FINRA and MA State Regulator Investigations over $23m Error

For the first time since news broke of an $23 million accounting error at an American Realty Capital Properties nontraded REIT, chairman Nicholas Schorsch's sister company, RCS Capital Corp., confirmed that it has been in contact with the Securities & Exchange Commission, Financial Industry Regulatory Authority Inc. and state securities regulators over investigations into the error.

In a statement released Monday, RCS Capital confirmed it has "continued to respond to ongoing verbal inquiries, requests for correspondence, information and discussions with the SEC, FINRA and such state regulatory agencies, including with respect to the [American Realty Capital Properties Inc.] disclosure" of the $23 million accounting error, which the audit committee described as "intentionally made."

RCS Capital also confirmed it is cooperating with a subpoena issued by the Massachusetts Secretary of the Commonwealth, Securities Division. In his subpoena, Massachusetts secretary William Galvin requested RCS Capital produce documents dating back to January 1, 2014 and relating to non-traded REITs sold by Realty Capital Securities and similar products sponsored or co-sponsored by CEO and chairman Schorsch's American Realty Capital.

Though American Realty Capital Properties did not release a statement in tandem with RCS Capital on Monday, news reports suggest the FBI and SEC are actively investigating that specific firm's REIT sponsorship.

If you have invested in Real Capital Securities, RCS Capital, American Realty Capital Properties or in any associated nontraded REIT or other complex product, and such investment activity has proven harmful to your investments or interests in light of this $23 million accounting error—or otherwise—please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for investigation and consultation.

News: RCAP confirms regulatory inquiries (InvestmentNews)

Categories: REITs, Risk
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The Law Offices of Jonathan W. Evans & Associates - California Securities Fraud Attorney
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