BDCA President Ousted

Business Development Corporation of America, a publicly registered non-traded business development company sponsored by AR Capital, announced on Friday that Robert Grunewald was removed from his position as president, chief investment officer and chief operating officer, effective immediately.

To replace Grunewald, the company’s board of directors appointed James Fisher as president and chief operating officer of the company.

Fisher joined BDCA Adviser LLC in March 2013 as managing director and head of middle market investing. His lending and investing career in the middle market spans 34 years with experience leading businesses with both senior and junior debt products.

Business Development Corporation of America is the focus of a complaint that was filed by the state of Massachusetts earlier this month. The complaint alleges that at least two of the company’s shareholder proxy votes were fabricated by Realty Capital Securities employees pretending to be shareholders. On Friday, the proxy vote scandal expanded to include unnamed broker-dealers that may have assisted in the scheme.

The company is distributed by Realty Capital Securities on behalf of AR Capital, companies founded by and managed by Nicholas Schorsch and/or his partners.