The Financial Industry Regulatory Authority (FINRA) fined six independent broker dealers who failed to give certain clients discounts on large purchases of non-traded REITs.
According to InvestmentNews, the six firms were fined a total of more than $500,000 with Voya and Transamerica receiving the largest fine. Voya was fined $325,000 and ordered to pay restitution of $42,000, while Transamerica’s fines and restitution totaled $136,000.
The other four firms fined by FINRA included Investacorp, J.P Turner &Co., National Planning Corp, and Cetera Investment Services.
InvestmentNews reports that typically when the sale is greater than $500,000 discounted prices become available on the sale of certain non-traded REITs. It appears the firms relied on the brokers and supervisors implement the appropriate discounts.
The foregoing information, which is publicly available, is being provided by The White Law Group.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.
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Tags: Cetera Investment Services fine, J.P Turner &Co fine, National Planning Corp fine, non traded REIT investigation, non-traded REIT breakpoint discounts, non-traded REIT information, non-traded REIT losses, non-traded REIT sales, non-traded REIT sales charge, non-traded REIT volume discount, Transamerica fine, Voya fine Last modified: December 20, 2022
