Nicholas Schorsch will step down from positions on various boards, as the fallout from news of accounting errors at one of his companies, U.S. real estate investment trust American Realty Capital Properties Inc., in October continues to take its toll.
Mr. Schorsch will resign as chairman of broker RCS Capital, and as chairman and chief executive officer of New York Reit. He will also give up roles at 11 property investment funds that his private equity fund, AR Capital, sponsored. People familiar with the matter said the changes could be announced this week. Mr. Schorsch had already given up the chairmanship of ARCP earlier in December.
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