flagship investment program was named American Realty Capital Trust, Inc., or ARCT. Similar to American Financial Realty Trust, ARCT would invest in single-tenant commercial real estate properties leased to corporate businesses that provided other essential goods and services, such as Walgreens, CVS, Dollar General, and Federal Express. In March 2012, American Realty Capital Trust, Inc., listed on the NASDAQ, providing liquidity for its shareholders. Schorsch served as Chairman of the company from inception until January 2013, when it merged with Realty Income Corporation (NYSE: O). Schorsch founded American Realty Capital Properties Inc. or ARCP, later named VEREIT, in 2010. In October 2014, the company admitted to an accounting error of $23 million, leading to significant sales of the company's stock and a drop in its value by $3 billion. The company fired Chief Financial Officer Brian Block after an audit committee investigation, and said that financial information in its 2013 10-K and Q1 and Q2 2014 quarterly reports "should no longer be relied upon." Lawsuits followed, with investors claiming ARCP had misstated financials in order to inflate financial results. In December Schorsch resigned as Chairman. In September 2019, VEREIT entered into agreements to settle pending class action litigation against it regarding among other things alleged violations of Section 11 of the 1933 Act (In re American Realty Capital Properties, Inc. Litigation and the remaining opt-out actions), at a cost to VEREIT of $765.5 million. American Realty Capital, led by Schorsch, and its principals paid $225 million towards the settlement. Realty Capital Securities In 2008, the five partners of AR Capital used their own funds to create Realty Capital Securities, LLC, or RCS, a broker dealer seven times larger than any other broker-dealer operating in the industry at the time. They launched a series of investment programs at the same time, using the broker-dealer platform to raise capital for other sponsor companies in the industry. This would save sponsors the time, cost and risk of building their own broker-dealer, as well as generate substantial profit for RCS. In June 2013 Realty Capital Securities announced that it had reached another milestone, $10 billion of raised equity since inception. This coincided with Realty Capital Securities garnering a 53% market share in the real estate managing broker-dealer sales, more than five times that of the next competitor. New York REIT On April 15, 2014 New York Recovery REIT, Inc., one of Schorsch's non-traded REIT