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According to the Boston Business Journal, San Diego-based LPL Financial has been charged with dishonest business practices by Secretary of the Commonwealth William Galvin. An administrative complaint was filed against the firm December 12, and Galvin seeks a cease-and-desist order against LPL, censure, and full restitution for investors, according to the publication. LPL employees sold $28 million in non-traded Real Estate Investment Trusts (REITs) and collected $1.8 million in fees, said Galvin. This exceeded Massachusetts law limiting investor exposure to non-traded REITs to 10%. Non-traded REITs, as revealed in several Reader articles I have done, lack liquidity, and bring huge commissions to brokers. LPL says Galvin's claims are "substantially overstated. LPL Financial takes protection of investors' interests seriously."
According to the Boston Business Journal, San Diego-based LPL Financial has been charged with dishonest business practices by Secretary of the Commonwealth William Galvin. An administrative complaint was filed against the firm December 12, and Galvin seeks a cease-and-desist order against LPL, censure, and full restitution for investors, according to the publication. LPL employees sold $28 million in non-traded Real Estate Investment Trusts (REITs) and collected $1.8 million in fees, said Galvin. This exceeded Massachusetts law limiting investor exposure to non-traded REITs to 10%. Non-traded REITs, as revealed in several Reader articles I have done, lack liquidity, and bring huge commissions to brokers. LPL says Galvin's claims are "substantially overstated. LPL Financial takes protection of investors' interests seriously."