Fallout from ARCP accounting debacle continues as two more broker-dealers, including the largest in the U.S., have suspended the sale of REITs sponsored by companies controlled by Nicholas Schorsch.
Broker-dealer moves after National Planning Holdings <a href="//www.investmentnews.com/article/20141030/FREE/141039985/national-planning-holdings-puts-kibosh-on-arc-nontraded-reit-sales"" target=""_blank"" rel="noopener noreferrer">puts kibosh on ARC nontraded REIT sales</a> in wake of $23 million <a href="//www.investmentnews.com/article/20141029/FREE/141029902/schorschs-empire-jolted-by-23m-accounting-mishap"" target=""_blank"" rel="noopener noreferrer">accounting mishap</a> at Nick Schorsch's ARCP.
In the wake of spinning off its hotel portfolio, nontraded REIT cuts estimated share value by 42.4%; new estimated value is $4 per share.
More in line with the business of advisers who charge fees rather than brokers who receive a commission.
<b>LPL Focus 2014</b>: Firm CEO Mark Casady tells 3,500 advisers to be ready for more requests for documentation and background.
Bruce Meyers allegedly inappropriately pushed an offering for a pharmaceutical company he co-owns.
Changes would not take effect until 18 months after SEC signs off, three times longer than originally proposed.
He had been in contention to succeed Benmosche as head of AIG.
Investors sued individuals after the firm, Allied Beacon Partners, ran out of capital and failed to pay earlier arb award.
