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November 18, 2014 at 08:29 AM
The family office for billionaire Steven A. Cohen disclosed a bigger stake in RCS Capital Corp., which last week said it was contacted by U.S. regulators after accounting errors were disclosed at American Realty Capital Properties Inc.
Point72 Asset Management LP said it took a 5.1% passive stake in RCS, which operates broker-dealers, in a Nov. 14 regulatory filing.
RCS said it’s in contact with the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority as part of its regular operations. The company “and its subsidiaries have continued to respond to ongoing verbal inquiries, requests for correspondence, information and discussions” with regulators, including with respect to the ARCP disclosure, RCS said in a quarterly report filed with regulators Nov. 14.
RCS’s shares have fallen 38% since ARCP disclosed accounting mistakes last month, partly because of concern over damage to its business selling nontraded real estate investment trusts sponsored by AR Capital LLC. That company was created by Nicholas Schorsch, RCS’s chairman and biggest shareholder, and chairman of American Realty Capital Properties as well.
