September 28, 2015 Comments (0) Blog, Securities Fraud

LPL Settles Claim With State Securities Regulators

(Last Updated On: September 28, 2015)

State securities regulators reached an agreement with LPL Financial regarding the sale of non-traded RETs. According to FA-Mag, LPL agreed to pay $1.4 million fine and restitution to investors in an amount yet to be determined.

Between January 1, 2008, through December 31, 2013, State securities regulators claim LPL sold non-traded REITs in violation of prospectus standards, state concentration limits and LPL sales guidelines.

All states were covered except Massachusetts and New Hampshire. Massachusetts filed a separate case against LPL that settled for $2.5 million. The New Hampshire case is still pending. For more information on the MA case, click here, and the NH case, click here.

The White Law Group continues to investigate potential claims on behalf of individuals who purchased non-traded REITs and other speculative investments from LPL Financial brokers.

Brokerage firms have an obligation to perform due diligence and to ensure that all recommendations are suitable for each individual client. If a brokerage firm fails to comply with suitability requirements it may be liable for investment losses through FINRA dispute resolution.

If you suffered losses investing in non-traded REITs recommended to you by an LPL financial advisor, please call the securities attorneys of The White Law Group at (312)238-9650 for a free consultation.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.

For more information on the firm, visit www.whitesecuritieslaw.com.