In a recent InvestmentNews article, Bruce Kelly writes that in October broker/dealers suspended sales of RCAP-distributed REITs and Cole REITs after American Realty Capital Properties Inc. (ARCP), a net-lease REIT that is controlled by Nicholas Schorsch, because of a $23 million accounting error over the first six months of the year that was left uncorrected. Those suspensions are still in place in many of the large broker/dealers.
Schorsch is chief executive and chairman of American Realty Capital. RCAP subsidiary, Realty Capital Securities, is the wholesaling broker-dealer for the ARC REITs. Schorsch is also the chairman of ARCP, the traded REIT that owns the broker-dealer Cole Capital Corp., which distributes the Cole-branded REITs.
Kelly writes that Berthel Fisher & Co. Financial Services Inc. reinstated sales of two REITs distributed through Realty Capital Securities in November--the Philips Edison-ARC Grocery Center REIT II Inc. and United Development Funding Income Fund V. They are both independently controlled.
If you have sustained an investment loss due to your stock broker/financial advisor’s recommendations regarding REITs, call Soreide Law Group for a free consultation with an attorney on how to potentially recover your losses at 888-760-6552.
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