Mr. Jack helped build the insurer's variable annuities business and independent broker-dealer network.
One of the firm's six original principals, he will remain as a corporate director.
In the wake of accounting problems at American Realty Capital Properties Inc., the rest of Nicholas Schorsch's empire has drawn scrutiny for its complexity.
RCS Capital Corp. says it is regaining the confidence of IBDs, with firms reinstating 51 nontraded REIT selling agreements.
The clearing and custody giants have followed B-Ds by suspending sales of nontraded REITs controlled by Nicholas Schorsch, presenting another potential blow to the real estate czar's business.
Finra has barred a broker-dealer and its founder for allegedly defrauding a number of current and former NFL and NBA players out of nearly $14 million as part of a Ponzi scheme
SEC, Finra and state securities agencies have been in contact with the Schorsch firm after a $23M <a href="http://www.investmentnews.com/article/20141029/FREE/141029902/nicholas-schorsch-downplays-arcps-23m-accounting-debacle" target="_blank">accounting error was revealed</a> at a sister company. RCAP also confirms Massachusetts investigation.
RCAP may remake itself to boost value with stock down 39% since late October
Both companies controlled by the REIT czar but broker-dealer not involved in accounting trouble at American Realty Capital Properties.
American Realty Capital Properties wins approval from creditors for postponement of reporting its third-quarter financial statements until Jan. 5.
