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San Diego's LPL Financial has been hit with an order by the Massachusetts Security Division to pay more than $2 million to investors who had bought shares of non-traded real estate investment trusts (REITs). LPL will also pay a $500,000 administrative fine. Non-traded REITs are illiquid and many turn out to be bad investments, regulatory bodies throughout the U.S. have warned. The Massachusetts matter has been hanging fire since December.
San Diego's LPL Financial has been hit with an order by the Massachusetts Security Division to pay more than $2 million to investors who had bought shares of non-traded real estate investment trusts (REITs). LPL will also pay a $500,000 administrative fine. Non-traded REITs are illiquid and many turn out to be bad investments, regulatory bodies throughout the U.S. have warned. The Massachusetts matter has been hanging fire since December.