By Robert H. Rex, Esq.
On June 13, 2014, RCS Capital Corp. , owned by Nicholas Schorsch, announced the closing of the purchases of two more independent broker dealers–J.P. Turner & Co. and Summit Financial Group.
RCS Capital went public last year (symbol RCAP) and bought two other independent broker dealers, First Allied Holdings, Inc. and Cetera Financial Group, shortly thereafter. RCS has a deal pending for the purchase of Investors Capital Holdings Ltd. Following the closing of that deal the RCAP broker dealer network will have about 9,000 representatives which grossed about $1.7 billion in revenues in 2013.
Stockbrokers are obligated to make suitable recommendations to their customers. If you have questions about investment losses and think you may be the victim of fraud or misrepresentation, call to speak with an experienced securities attorney to learn about your legal rights.
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