Schorsch Resigns From Boards of 13 AR Capital Affiliates
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Nicholas Schorsch resigned from the boards of RCS Capital Corp., New York REIT Inc. and 11 nontraded real estate investment trusts and direct investment programs sponsored by his firm AR Capital LLC.
Schorsch, 53, will leave the companies immediately to focus on strategy and “potential liquidity events of closed programs sponsored by AR Capital,” the company said in a statement today. Some of Schorsch’s companies have been under scrutiny since accounting inaccuracies were disclosed at American Realty Capital Properties Inc., or ARCP, leading to his resignation from that board earlier this month.