The Green Firm is currently investigating cases in which a Greater Philadelphia area financial advisor may have recommended REITs to a large number of local investors even though it was an unsuitable investment for many of them. The REITs in question are ARCP and New York REIT, Inc.
With his American Capital Realty empire in turmoil after being rocked by a major accounting error that prompted an SEC investigation, billionaire real estate mogul Nicholas Schorsch announced the other day that he would resign from the boards of 13 companies he created and controlled.
Meanwhile, Schorsch's around a dozen REITs, including ARCP, RCS Capital Corporation (RCAP) and New York REIT Inc. have suffered notable declines in value over the past few months. RCAP is now being targeted in a class-action lawsuit by Pomerantz LLC.
If you have suffered losses due to investments in these REITS, please contact us immediately to discuss your legal rights by calling our securities attorneys toll-free at 1-855-462 3330 or via email by clicking here.