Published On: January 4, 2016

In September, LPL Financial agreed to pay $1.43 million in fines and return money to investors who paid for inappropriate sales of nontraded real estate investment trusts (REITs). This came after an investigation into the firm headed by the North American Securities Administrators Association (NASAA). LPL is remediating losses for unsuitable nontraded REITs from January 1st 2008 through December 31, 2013. Afterwards, LPL will give the NASAA a report detailing the amount of funds reimbursed. LPL also recently came to a $2.5 million agreement with the Commonwealth of Massachusetts to pay fines and restitution over certain sales of nontraded REITs to investors in that state since February 2013. LPL Financial Ordered to Pay. The issue came with how broker-dealers handled various settlements in paying clients who bought auction rate securities (ARS). ARS’ is a long-term debt issue, but acts as if it were a shorter term issue because interest rates are set every month, depending on whether the issue is tax exempt, and the interest is paid either shortly after the auction yield is settled or every quarter or half year. If you invested in REITs with LPL, please call our securities law firm in Chicago to speak to an attorney for free. We may be able to bring a claim against the firm in order to help you recover your investment losses. There is no obligation and we take cases on a contingency fee basis only.

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