Cetera Financial Group Broker-Dealer Network Suspends Some Nicholas Schorsch REITs

The Cetera Financial Group network suspended sales of Nicholas Schorsch's American Realty Capital Properties Inc. REIT, which owns Cole Capital Partners and Cole Capital Advisors, Inc. Schorsch is the former chief executive of American Realty Capital, having relinquished the role in October. He remains ARCP's chairman.

ARCP last week revealed news of a $23-million deliberate multi-million dollar accounting error. The affected REIT itself is worth approximately $207 million. In an attempt to distance itself from American Realty Capital Properties, Schorsch's RCS Capital Corp. released a statement, saying it is not American Realty Capital, even though RCS Capital Corp. executive chairman Schorsch is also the chairman of American Realty Capital.

In deciding to stop sales of American Realty Capital REITs, the Cetera Financial Group joins National Planning Holdings Inc.'s member firms, which have already halted their own sales of the REITs.

If you have invested with the Cetera Financial Group or with any other brokerage that has invested in American Realty Capital Properties, Inc.'s REITs or other complex securities sponsored by American Realty Capital's affiliated companies such as Cole Capital Partners and Cole Capital Advisors, and such investment activity has proven harmful to your financial interests through reporting inaccuracies or other fiscally erroneous or misleading information related to intentional accounting errors, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for investigation and consultation.

News: Schorsch's B-D network won't sell some of his REITs (InvestmentNews)

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