Home Alts News First Capital BDC Replaces Accounting Firm and Appoints New Senior Executives

First Capital BDC Replaces Accounting Firm and Appoints New Senior Executives

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First Capital Investment Corporation, a publicly registered non-traded business development company, has replaced RSM US LLP as the company’s independent registered public accounting firm and appointed a new chief financial officer and chief compliance officer.

According to a filing with the Securities and Exchange Commission, the company noted that at the time of dismissal, RSM had not completed its review procedures for the company’s first quarter 2017 financial statements, nor had it commenced any review procedures related to the financial statements for the second quarter of 2017.

To replace RSM, the board’s audit committee appointed Malone Bailey as the new independent registered public accounting firm.

Brian Wall was appointed CFO and treasurer of the company, which will commence when the company files its financials for the first quarter of 2017. Wall replaces Suneet Singal, the company’s secretary and chairman of the board, who was appointed as the acting CFO in June.

Wall previously served as vice president of finance and administration at Clough Capital Partners, an asset management company, where he handled financial reporting and oversaw all aspects of corporate accounting. Wall holds a bachelor’s degree in accounting and computer science from Quinnipiac University and a master’s in business administration from Boston University.

Jeffrey Silverman, the owner of real estate and finance consulting firm JS Management Group, was appointed as the company’s chief compliance officer. Since 2011, Silverman served as the principal and CFO of real estate firm, LTL Investments, where he was responsible for financial reporting, as well as the company’s acquisition team.

In March 2017, First Capital Real Estate Investments, a real estate investment company and sponsor of non-traded direct investment programs, acquired Freedom Capital Investment Management and changed its name to First Capital Investment Corporation. In February 2017, the company broke escrow and commenced operations.

First Capital Investment Corporation is a $500 million offering that seeks to invests in private U.S. small- and middle-market companies. The company currently has one unsecured $1.5 million loan and has raised approximately $6.1 million in investor equity.

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