{"id":2543,"date":"2017-03-28T00:00:00","date_gmt":"2017-03-28T04:00:00","guid":{"rendered":"http:\/\/silverlaw.lawblogger.net\/blog\/schorsch-alleged-to-have-looted-rcap\/"},"modified":"2017-12-22T14:08:23","modified_gmt":"2017-12-22T19:08:23","slug":"schorsch-alleged-to-have-looted-rcap","status":"publish","type":"post","link":"https:\/\/www.silverlaw.com\/blog\/schorsch-alleged-to-have-looted-rcap\/","title":{"rendered":"Nicholas Schorsch and Associates Sued; Alleged to Have Looted RCS Capital and Public Investors"},"content":{"rendered":"<p>A group of investors has accused former head of Cetera Financial Group <a href=\"https:\/\/www.silverlaw.com\/nicholas-schorsch-background.html\" target=\"_blank\">Nicholas \u201cNick\u201d Schorsch<\/a> and his partners of shaving off revenues of RCS Capital (\u201cRCAP\u201d), a company once controlled by Schorsch that went into bankruptcy, for their own benefit.<\/p>\n<p>The complaint was filed on March 8, 2017 by RCS Creditor Trust as a damages suit in the RCAP bankruptcy case, according to an <a href=\"http:\/\/www.investmentnews.com\/article\/20170310\/FREE\/170319999\/investors-accuse-nicholas-schorsch-of-plundering-rcap-for-own-gain\" target=\"_blank\">InvestmentNews report<\/a>.\u00a0 The complaint accuses Schorsch and some of his associates and companies of essentially looting RCAP and its public investors.\u00a0 According to a <a href=\"https:\/\/www.law360.com\/articles\/900312\/schorsch-others-sued-over-1-4b-rcs-capital-ch-11\" target=\"_blank\">Law360 report<\/a>, RCS Creditor Trust ties many of its allegations of \u201cdisloyal self-dealing\u201d to Schorsch.<\/p>\n<p>The complaint accuses the Schorsch and his associates of breaching or aiding breaches of fiduciary duty, duty of care, and duty of loyalty, as well as wasting corporate assets.\u00a0 Further, it alleges that nearly $1 billion in public stakeholder investments in RCAP were destroyed. \u00a0One of the individuals named in the suit, Brian S. Block, was <a href=\"http:\/\/www.investmentnews.com\/article\/20160928\/FREE\/160929911\/ex-cfo-at-reit-formerly-controlled-by-nicholas-schorsch-pleads-not\" target=\"_blank\">arrested on conspiracy, securities fraud and related charges<\/a> in September 2016 in connection to a Schorsch-owned company, American Realty Capital Properties.<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.silverlaw.com\/blog\/schorsch-alleged-to-have-looted-rcap\/\"  title=\"Continue Reading Nicholas Schorsch and Associates Sued; Alleged to Have Looted RCS Capital and Public Investors\" class=\"more-link\">Continue reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>A group of investors has accused former head of Cetera Financial Group Nicholas \u201cNick\u201d Schorsch and his partners of shaving off revenues of RCS Capital (\u201cRCAP\u201d), a company once controlled by Schorsch that went into bankruptcy, for their own benefit. The complaint was filed on March 8, 2017 by RCS Creditor Trust as a damages [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[578],"tags":[],"class_list":["post-2543","post","type-post","status-publish","format-standard","hentry","category-all-releases"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Schorsch, Associates Alleged to Have Looted RCS Capital\/RCAP<\/title>\n<meta name=\"description\" content=\"Contact our firm if you&#039;ve lost money investing in Nicholas Schorsch&#039;s infamous non-traded REITs or with his formerly, Cetera Financial Group-related firms.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.silverlaw.com\/blog\/schorsch-alleged-to-have-looted-rcap\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Schorsch, Associates Alleged to Have Looted RCS Capital\/RCAP\" \/>\n<meta name=\"twitter:description\" content=\"Contact our firm if you&#039;ve lost money investing in Nicholas Schorsch&#039;s infamous non-traded REITs or with his formerly, Cetera Financial Group-related firms.\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Silver Law Group\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Schorsch, Associates Alleged to Have Looted RCS Capital\/RCAP","description":"Contact our firm if you've lost money investing in Nicholas Schorsch's infamous non-traded REITs or with his formerly, Cetera Financial Group-related firms.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.silverlaw.com\/blog\/schorsch-alleged-to-have-looted-rcap\/","twitter_card":"summary_large_image","twitter_title":"Schorsch, Associates Alleged to Have Looted RCS Capital\/RCAP","twitter_description":"Contact our firm if you've lost money investing in Nicholas Schorsch's infamous non-traded REITs or with his formerly, Cetera Financial Group-related firms.","twitter_misc":{"Written by":"Silver Law Group","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.silverlaw.com\/blog\/schorsch-alleged-to-have-looted-rcap\/#article","isPartOf":{"@id":"https:\/\/www.silverlaw.com\/blog\/schorsch-alleged-to-have-looted-rcap\/"},"author":{"name":"Silver Law Group","@id":"https:\/\/www.silverlaw.com\/blog\/#\/schema\/person\/de64d999508b1ad10d608a99f0d2e752"},"headline":"Nicholas Schorsch and Associates Sued; Alleged to Have Looted RCS Capital and Public Investors","datePublished":"2017-03-28T04:00:00+00:00","dateModified":"2017-12-22T19:08:23+00:00","mainEntityOfPage":{"@id":"https:\/\/www.silverlaw.com\/blog\/schorsch-alleged-to-have-looted-rcap\/"},"wordCount":462,"articleSection":["All Releases"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.silverlaw.com\/blog\/schorsch-alleged-to-have-looted-rcap\/","url":"https:\/\/www.silverlaw.com\/blog\/schorsch-alleged-to-have-looted-rcap\/","name":"Schorsch, Associates Alleged to Have Looted RCS Capital\/RCAP","isPartOf":{"@id":"https:\/\/www.silverlaw.com\/blog\/#website"},"datePublished":"2017-03-28T04:00:00+00:00","dateModified":"2017-12-22T19:08:23+00:00","author":{"@id":"https:\/\/www.silverlaw.com\/blog\/#\/schema\/person\/de64d999508b1ad10d608a99f0d2e752"},"description":"Contact our firm if you've lost money investing in Nicholas Schorsch's infamous non-traded REITs or with his formerly, Cetera Financial Group-related firms.","breadcrumb":{"@id":"https:\/\/www.silverlaw.com\/blog\/schorsch-alleged-to-have-looted-rcap\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.silverlaw.com\/blog\/schorsch-alleged-to-have-looted-rcap\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.silverlaw.com\/blog\/schorsch-alleged-to-have-looted-rcap\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.silverlaw.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Nicholas Schorsch and Associates Sued; Alleged to Have Looted RCS Capital and Public Investors"}]},{"@type":"WebSite","@id":"https:\/\/www.silverlaw.com\/blog\/#website","url":"https:\/\/www.silverlaw.com\/blog\/","name":"Securities Arbitration Lawyers Blog","description":"Published by Securities Arbitration Lawyers \u2014 Silver Law Group","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.silverlaw.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.silverlaw.com\/blog\/#\/schema\/person\/de64d999508b1ad10d608a99f0d2e752","name":"Silver Law Group","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/9eb0a691642ae95c68ee1c45b5f50f35bae76a41f3d9f861c7bfd40c87661746?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/9eb0a691642ae95c68ee1c45b5f50f35bae76a41f3d9f861c7bfd40c87661746?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/9eb0a691642ae95c68ee1c45b5f50f35bae76a41f3d9f861c7bfd40c87661746?s=96&d=mm&r=g","caption":"Silver Law Group"}}]}},"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/posts\/2543","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/comments?post=2543"}],"version-history":[{"count":5,"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/posts\/2543\/revisions"}],"predecessor-version":[{"id":5537,"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/posts\/2543\/revisions\/5537"}],"wp:attachment":[{"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/media?parent=2543"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/categories?post=2543"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/tags?post=2543"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}