The country's biggest independent broker-dealer has dealt another blow to Nicholas Schorsch's financial empire.
LPL announced Tuesday afternoon that it has " is indefinitely suspending sales of investment products sponsored by" American Realty Capital, RCS Capital --
The move is the second such rejection in a matter of days, coming less than a week after National Planning Holdings temporary stopped sales of nontraded REITs sponsored or distributed by American Realty Capital.
LPL declined any further comment about the suspended sales beyond the one-sentence announcement.
Representatives from American Realty Capital and RCS Capital did not immediately respond to requests for comment.
The news is the latest in a series of blows to Schorsch's enterprise.
American Realty Capital replaced its chief financial officer and chief accounting officer last week after revealing
On Monday, RCS abruptly terminated a deal to buy Cole Capital from American Realty Capital, revealing
RCS is the nation's second-largest IBD by advisor count following the acquisition of multiple advisory firms, including IBD network Cetera Financial Group as well as First Allied and the Legend Group, Summit Brokerage Services, Investors Capital and J.P. Turner.
Suleman Din contributed reporting for this story.
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