LPL Hit with Fines over Non-Traded REIT Sales

September 23, 2015

LPL has been hit with fines regarding it sales of non-traded REITs.  According to the North American Securities Adminstrators Association:

The investigation concluded that LPL, through its agents, sold non-traded REITS in excess of the REIT’s prospectus standards, various state concentration limits or LPL’s Alternative Investment Guidelines. The investigation also found that LPL failed to implement a supervisory system that was reasonably designed to achieve compliance with state law.

In addition to remediating investor losses, LPL also agreed to pay civil penalties of $1.425 million to be distributed among 48 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. The firm reached a separate settlement with Massachusetts securities regulators in 2013 and faces a separate action by New Hampshire securities regulators.

If you are an investor that lost money investing in Non-Traded REITs with LPL, you may be able to recover your losses through FINRA arbitration or securities litigation.  You can contact Jeff Salas at 312.803.4963 or through the contact form below.

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