According to a recent InvestmentNews article, LPL has been accused of selling nontraded real estate investment trusts (REITs) to 200 clients from New Hampshire that violated firm guidelines. The customers may be eligible for an average of $40,000 apiece. In December 2015, LPL and New Hampshire reached a settlement with regards to a resident who suffered losses after purchasing nontraded REITs through the firm. LPL was fined $750,000 and will pay remediation to any New Hampshire client who was sold a nontraded REIT if the sale exceeded the firm’s own guidelines or product specific restrictions. LPL was also ordered to hire a third-party to review LPL nontraded REIT sales to determine whether the guidelines were violated. After the third party completed his review, it was determined that over 200 New Hampshire residents are eligible for remediation of $8 million, or $40,000 per client. If you were sold nontraded REITs by your LPL broker please call our law firm today at 312-332-4200 to find out how you can recover your losses. The call to us is free with no obligation. We are based in Chicago, Illinois.
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