{"id":6122,"date":"2017-03-10T10:52:45","date_gmt":"2017-03-10T16:52:45","guid":{"rendered":"https:\/\/www.institutionalinvestorsecuritiesblog.com\/?p=1476"},"modified":"2022-03-22T14:26:40","modified_gmt":"2022-03-22T19:26:40","slug":"investors-file-nontraded-reit-fraud-lawsuit-accusing-nicholas-schorsch-others-stealing-rcap","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/investors-file-nontraded-reit-fraud-lawsuit-accusing-nicholas-schorsch-others-stealing-rcap\/","title":{"rendered":"Investors File Nontraded REIT Fraud Lawsuit Accusing Nicholas Schorsch And Others of Stealing from RCAP"},"content":{"rendered":"

\t\t\t\tIn Delaware Chancery Court, investors have brought a nontraded real estate investment fraud lawsuit against former RCS Capital (RCAP) CEO Nicholas Schorsch accusing him and his partners of enriching themselves by taking revenue from the publicly traded brokerage holding company. The plaintiffs are part of the RCS Creditor Trust. They are unsecured creditors who say they lost all of their investments with RCAP. <\/p>\n

It was just last year that RCAP filed for bankruptcy after falling into millions of dollars in debt. It emerged as Aretec, the holding company that controls Cetera Financial Group. <\/p>\n

The plaintiffs contend that Schorsch and partners Peter Budko, William Kahane, Brian Block, and Edward \u201cMichael\u201d Well took advantage of their authority at RCAP to enrich AR Capital, which was the nontraded REIT business that they wholly owned. <\/p>\n

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

In Delaware Chancery Court, investors have brought a nontraded real estate investment fraud lawsuit against former RCS Capital (RCAP) CEO Nicholas Schorsch accusing him and his partners of enriching themselves by taking revenue from the publicly traded brokerage holding company. The plaintiffs are part of the RCS Creditor Trust. They are unsecured creditors who say […]<\/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":[2768,2769,2770],"class_list":["post-6122","post","type-post","status-publish","format-standard","hentry","category-reits","tag-nicholas-schorsch","tag-nontraded-reit","tag-rcap"],"yoast_head":"\nInvestors File Nontraded REIT Fraud Lawsuit Accusing Nicholas Schorsch And Others of Stealing from RCAP — Investor Lawyers Blog — March 10, 2017<\/title>\n<meta name=\"description\" content=\"In Delaware Chancery Court, investors have brought a nontraded real estate investment fraud lawsuit against former RCS Capital (RCAP) CEO Nicholas — March 10, 2017\" \/>\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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