Cetera Financial Group has suspended sales of all AR Capital-sponsored investment offerings through their entire broker-dealer network, including First Allied Securities, Girard Securities, Investors Capital, VSR Financial Services, and The Legend Group. Cetera, the nation’s second largest independent broker-dealer by registered representative count, is the crown jewel of beleaguered RCS Capital Corp. (NYSE: RCAP), which also owns the managing broker-dealer of AR Capital’s offerings. Both RCS and AR Capital were founded by Nicholas Schorsch and his partners, including Michael Weil, who serves as the chief executive officer and a member of the board of directors of RCS.
