{"id":5707,"date":"2014-11-13T00:00:00","date_gmt":"2014-11-13T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2014\/11\/fidelity_schwab_and_pershing_s"},"modified":"2022-05-06T11:58:34","modified_gmt":"2022-05-06T16:58:34","slug":"fidelity-schwab-and-pershing-s","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/fidelity-schwab-and-pershing-s\/","title":{"rendered":"Fidelity, Schwab, and Pershing Suspend Trading of Schorsch Nontraded Real Estate Investment Trusts"},"content":{"rendered":"

\t\t\t\tThree more firms have decided to suspend trades of nontraded real estate investment trusts managed and backed by companies under Nicholas Schorsch\u2019s control. The suspension comes following news of a $23 million accounting error involving American Realty Capital Properties Inc. (ARCP) which is Schorsch\u2019s publicly treated REIT. ARCP owns Cole Capital Advisors Inc. and Cole Capital Partners.<\/p>\n

The mistake was disclosed at the end of the month. ARCP revealed that the error occurred during the first half of the year and then was purposely left uncorrected. The latest firms to announce suspensions are Charles Schwab (SCHW), Pershing and Fidelity.<\/p>\n

Schwab said it would suspend sales of Cole and American Realty Capital nontraded real estate investment trusts. Fidelity noted that it was going to stop facilitating subscriptions for certain Cole and Realty Capital Securities-affiliated nontraded REITs. Pershing told broker-dealers that use its clearing services that it would stop facilitating purchases of Cole Capital-sponsored investment products. More than thirty of the leading independent brokerage firms have clearing deals with Pershing.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Three more firms have decided to suspend trades of nontraded real estate investment trusts managed and backed by companies under Nicholas Schorsch\u2019s control. The suspension comes following news of a $23 million accounting error involving American Realty Capital Properties Inc. (ARCP) which is Schorsch\u2019s publicly treated REIT. ARCP owns Cole Capital Advisors Inc. and Cole […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3759],"tags":[2639,3460],"class_list":["post-5707","post","type-post","status-publish","format-standard","hentry","category-reits","tag-non-traded-reits","tag-schorsch"],"yoast_head":"\nFidelity, Schwab, and Pershing Suspend Trading of Schorsch Nontraded Real Estate Investment Trusts — Investor Lawyers Blog — November 13, 2014<\/title>\n<meta name=\"description\" content=\"Three more firms have decided to suspend trades of nontraded real estate investment trusts managed by companies under Nicholas Schorsch\u2019s control.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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