RCS Capital expects to be closer to extricating itself from the problems associated with its former executive chairman, Nicholas Schorsch, after a second bankruptcy filing, scheduled to happen over the weekend.
“We are excited about this important step forward, which puts us in the home stretch to complete our transformation into a Cetera-only organization that is independent, well-capitalized and privately owned," Larry Roth, Cetera's CEO, said in a statement. "This will truly be a fresh start for Cetera."
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