American Realty Capital Properties (ACRP), a real estate investment trust(REIT), is currently facing claims by several of their investors. Among the claims, many investors are saying ACRP fraudulently inflated their performance figures.
Among the complaints filed is a lawsuit filed by two Ohio public pension funds, the New York City retirement system, and the Teachers Insurance and Annuity Association – College Retirement Equities Fund (TIAA–CREF).
Nine days after the Ohio pensions filed their lawsuit in October 2014, ACRP admitted making intentional errors in accounting. This caused ACRP's stock to drop that day over 30% and it lost $2 billion in market capitalization.
The Ohio pensions claim losses in the billions and TIAA-CREF claim they lost tens of millions because of ACRP's accounting fraud.
If you sustained an investment loss due to your stock broker/financial advisor’s recommendations in ACRP REIT, call for a free consultation with an attorney on how to potentially recover your REIT investment losses, call Soreide Law Group at 888-760-6552.
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