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$3 million settlement with Massachusetts Securities Division over complaint

RCS Capital Corp. said Wednesday it is shutting down its wholesaling brokerage division in the wake of declining sales of nontraded real estate investment trusts and allegations of fraud.

Realty Capital Securities, was a cornerstone of his nontraded REIT empire, which at its height just a few years ago raised hundreds of millions of dollars per month in equity from mom-and-pop investors who bought Mr. Schorsch's REITs.

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