According to Investment News, “Non-traded REIT czar” Nicholas Schorsch has resigned from American Realty Capital Properties (ARCP). In addition, Schorsch also “resigned from the boards of directors of nontraded REITs managed by Cole Capital, a nontraded REIT sponsor owned by ARCP.”
Investment News reports that Mr. Schorsch has been taking a step back since November. “[H]e resigned as chief executive from at least six companies he oversees, including three non traded REITs sponsored by American Realty Capital (ARC).”
Mr. Schorsch’s resignation follows the $24million dollar ARCP accounting error that was allegedly intentionally covered up a month and a half ago. Mr Schorsch was not the only one to hand in his resignation. ARCP’s chief executive, David Kay, and chief operation officer, Lisa Beeson, also resigned.
The foregoing information, which is all publicly available on Investment News’ website, is being provided by The White Law Group.
The White Law Group continues to investigate potential claims involving non-traded REITs. The problems we see involving non-traded REITs generally relates to the financial advisor’s failure to adequately disclose the risks and illiquidity of these investments.
If you suffered losses investing in a non-traded REIT and would like to discuss discuss your litigation options, please call the securities attorneys of The White Law Group at (312)238-9650 for a free consultation.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.
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