its acquisition of Cetera Financial Group. On June 11, 2014, the company completed its acquisition of Summit Financial Services Group. Two days later, on June 13, 2014, RCS Capital completed yet another of its previously announced Independent Broker-Dealer acquisitions, closing on J.P. Turner & Company. As reported by Yahoo Finance, the RCS Capital share price rose to over $30. per share in 2014 prior to reports of massive insider selling of RCAP. Later, a trade journal, "Investment News", in 2015 disclosed a report of the directors of various non traded REIT's affiliated with the firm had been cashing out of their insider shares using the 5% redemption privilege built into the terms of the offerings. By late 2015 RCAP shares were trading for pennies. On December 30, 2014, RCS Capital announced that Nicholas S. Schorsch notified the RCS Capital Board of his decision to step down from his position as Director and Executive Chairman of the Board. According to a press release issued by AR Capital, Schorsch has made this decision in order to focus his attention on strategic initiatives and potential liquidity events of closed programs sponsored by AR Capital, and new strategies for the future suite of AR Capital investment programs. Schorsch was succeeded by Mark Auerbach, RCS Capital's former Lead Independent Director, to the role of Chairman, effective immediately. On January 4, 2016, the NYSE suspended trading of RCAP after RCAP announced it reached an agreement in principle to restructure its debt and intended to file Chapter 11 bankruptcy in late January 2016. Business approach Schorsch has managed to influence the non-traded REIT industry in several ways, notably eliminating the "internalization fee" causing other sponsor companies to follow suit. Through American Realty Capital's Best Practice standards, Kahane and Schorsch made the focus on lowering fees a priority, contrary to industry convention. They proceeded to eliminate payment of asset management fees during the construction of their investment programs. Payment is taken in the form of restricted stock that only vests when "100% of shareholder capital is returned plus payment to investors of an annual 6% cumulative, pre-tax, non-compounded return on the capital contributed by investors." Schorsch is quoted as saying that the internalization fee "made no sense to investors. There's no logical reason they would pay." Accolades He is often characterized as a pioneer in the alternative investment sector of the financial services industry, particularly due to his