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Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Monday, December 17, 2012

Massachusetts Charges LPL Financial with Improper Sales of Non-Traded REITs

The Massachusetts Securities Division sued LPL Financial on Dec. 12, 2012, charging it with improper sales of non-traded REITs.  According to its complaint, the state received complaints from Massachusetts investors who invested in non-traded REITs, and upon investigation, found numerous violations of Massachusetts securities law, including (1) slales made in violation of specific state requirements, (2) sales made in violation of prospectus requirements, and (3) sales made in violation of LPL compliance practices.   The state alleges that representatives sold over 4 million dollars of non-traded REITs in violation of the law and prospectus requirements.

http://lawprofessors.typepad.com/securities/2012/12/massachusetts-charges-lpl-financial-with-improper-sales-of-non-traded-reits.html

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