The hottest topics to keep tabs on in the independent broker-dealer space
Though the real estate czar stepped down from two more publicly traded companies last week, as well as from a host of other nontraded REITs, he still remains entrenched at other firms he created and is the largest shareholder at several others.
Decision affects American Realty Capital brand, but not Cole
Brain drain at nation's largest IBD continues as top East Coast recruiter plans to take a new position at an insurance company-owned broker-dealer.
Team goes to rival Griffin Capital Securities after disappointing month.
The REIT czar resigned from American Realty Capital Properties, which has lost more than a quarter of its value since <a href="//www.investmentnews.com/article/20141029/FREE/141029916/schorschs-american-realty-capital-discloses-serious-accounting"" target=""_blank"" rel="noopener noreferrer">disclosing accounting errors.</a>
Fundraising for American Realty Capital REITs declined 58% last month while Cole Capital suffered an 81% falloff in the wake of an accounting scandal. <i>(See also: <a href="//www.investmentnews.com/article/20141208/FREE/141209911/st-nicholas-puts-holidays-on-ice"" target=""_blank"" rel="noopener noreferrer">St. Nicholas puts holidays on ice</a>)</i>
Nicholas Schorsch is taking a step back from the top role at three nontraded REITs he controls, handing the reins of two to his longtime investment partner. <i>See also: <a href="//www.investmentnews.com/article/20140917/INFOGRAPHIC/140919935"" target=""_blank"" rel="noopener noreferrer">Schorsch's vast web of businesses</a></i>
The rise and fall of the notorious owner and CEO of the defunct independent broker-dealer John Thomas Financial is now complete, and senior columnist Bruce Kelly says the industry won't miss him.
The accountant for eight nontraded REITs managed by Nicholas Schorsch's privately held real estate manager, American Realty Capital, has resigned.
