LPL Financial faces lawsuit by Mass. regulator

12/19/2012 | Reuters · AdvisorOne · American City Business Journals

A Massachusetts regulator has sued LPL Financial, alleging violations of prospectus rules and investment-concentration requirements. At issue are sales of nontraded real estate investment trusts from 2006 to 2009. "We believe the claims included in the complaint are substantially overstated. ... We have always endeavored to promote a strong culture of compliance and continue to do so," an LPL spokesman said.

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Reuters · AdvisorOne · American City Business Journals

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