LPL Financial is penalized in Mass. nontraded-REIT case

02/12/2013 | AdvisorOne

In a Massachusetts case involving transactions between 2006 and 2009, independent broker-dealer LPL Financial has been ordered to pay $2 million to investors who bought shares of nontraded real estate investment trusts, in addition to a $500,000 administrative fine. The penalty relates to 36 trades made in violation of prospectus rules and limits on asset concentration, according to the Massachusetts Securities Division.

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