Nicholas Schorsch to Resign From American Realty C
Post# of 22710
8 minutes ago - DJNF
By Chelsey Dulaney
AR Capital said Monday that managing partner Nicholas S. Schorsch has resigned from the board of American Realty Capital Properties Inc., the real-estate investment trust reportedly under investigation for accounting issues.
The company has suffered a dramatic fall in its stock price after revealing earlier this year that it had overstated a common measure of the company's profitability during the first and second quarters of this year. The Federal Bureau of Investigation and the Securities and Exchange Commission are reportedly investigating the company for potential criminal and regulatory violations.
RCS Capital Corp., of which Mr. Schorsch is also the chairman, has distanced itself from American Realty Capital Properties and walked away from a $700 million deal to buy Cole Capital Advisors Inc. from the firm after the accounting revelations. American Realty Capital Properties is, likewise, suing RCS Capital for breaching the agreement.
"In order to reduce complexity, enhance accountability, align interests and minimize conflicts of interest among related parties and affiliates, Nick has decided to step down from his positions at ARCP and certain related companies," said William M. Kahane, founding partner of AR Capital.
"Although the ARCP Audit Committee investigation is continuing," Mr. Kahane added, "we understand that to date there has not been any conclusion of unlawful conduct by Mr. Schorsch."
Last month, American Realty Capital Properties received consent from lenders to delay reporting its financial results for the September quarter until January. The firm said the extension would allow it to continue complying with its borrowing obligations while enabling external auditors to finish their review of the firm's financial statements for 2013 and 2014.
Write to Chelsey Dulaney at chelsey.dulaney@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
December 15, 2014 08:49 ET (13:49 GMT)
Copyright (c) 2014 Dow Jones & Company, Inc.
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