Updated Friday, December 19, 2014 as of 10:39 PM ET
Schorsch Tied to ARCP Accounting Scandal in Lawsuit
A complaint that Schorsch instructed ARCP executives to shift numbers in the company’s second-quarter results to cover up errors from the first quarter is part of a defamation suit against ARCP, Schorsch and former ARCP Chief Executive David Kay, according to The Wall Street Journal.
More in Independent BDs
Regulators penalized both the independent and employee channels of Wells Fargo for failing to properly screen over 200,000 customer accounts. more »
"He clearly wouldn't be walking way [from American Realty Capital] if things were business as usual,” says Aite Group analyst Alois Pirker. “The optics are just not very good." more »
RCS Executive Chairman Nicholas Schorsch and two other top executives resigned from American Realty Capital Properties. more »
Big producers continued to strike out on their own in 2014. See the year's biggest breakaways. more »
The three founders of Concord Equity Group Advisors, a firm LPL bought in 2011 after the RIA allegedly hid commissions from its institutional clients, settled with the SEC. more »
The firm beefs up its Salt Lake City presence toward the end of a year that's seen a doubling of both advisors and assets. more »
The industry regulator closes the comment period for its controversial data-reporting initiative as brokerage trade groups warn of privacy concerns and compliance costs. more »
As the rate of change accelerates, advisors face big shifts in automated tools, portfolio management and rebalancing. Our annual report shows where the action is. more »
FINRA hands out 18-month suspension, $10,000 fine and $233,000 in 'disgorgement' for selling away and nondisclosure issues, documents say. more »
Point72 Asset Management said it took a 5.1% passive stake in RCS in a Nov. 14 regulatory filing. more »
Advisors need to face a hard truth: Independent RIAs have lost this round. Fortunately, there are other, better ways to set yourself apart. more »
J.P. Morgan has lost advisors to its rivals, including a team with nearly $1 billion in AUM. Meanwhile, RBC Wealth Management has recruited several advisor teams managing more than $350 million in assets. more »
RCS Capital said it was contacted by FINRA and the SEC after accounting errors were disclosed at American Realty Capital Properties. more »
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