Broker Dealers Resume Deals, RCS Capital Says
Sales Restart with Reinstated Realty Capital Securities Agreements
RCS Capital Corp. (NYSE: RCAP) hasn’t identified which broker dealers have resumed sales of products distributed by its wholesale distribution business, Realty Capital Securities LLC. RCS Capital announced on Monday that the sales resumed with 51 recently reinstated selling agreements.
“We have consistently communicated to the market our belief that the suspensions of certain of our ongoing selling agreements were of a temporary nature. The reinstatement of these agreements and this initial resumption of sales are confirmation of this belief,” said Bill Dwyer, Chief Executive Officer of Realty Capital Securities, in the press release.
RCS Capital’s senior executives purchased a total of 79,165 shares of the company’s Class A common stock last week:
- 42,000 shares – Bill Dwyer
- 3,815 shares – John H. Grady, RCS Capital’s Chief Strategy and Risk Officer, 3,815 shares.
- 33,500 shares (aggregate) – Michael Weil, RCS Capital’s Chief Executive Officer, Brian Jones, RCS Capital’s Chief Financial Officer, and Brian Nygaard, RCS Capital’s Chief Operating Officer.
Weil said these purchases by management underscored their belief that the company’s market valuation doesn’t reflect the fair value of the business.
Realty Capital Securities is an open architecture wholesale broker dealer focused exclusively on the distribution of direct investments.