According to a publication in InvestmentNews, New Hampshire securities regulators want LPL Financial to pay $3.6 million in fines and repayments to investors for allegedly unsuitable sales of real estate investments to elderly clients.
In a recently filed action, the New Hampshire Bureau of Securities Regulation is seeking to recover $2.4 million from LPL Securities in buybacks and restitution for clients relating to 48 sales of non-traded real estate investment trusts (REITS) that date back to 2007. The state is also seeking a $1 million fine and reimbursement of $200,000 in investigative costs. The state alleges that the REIT sales were “unsuitable and unlawful” and that LPL failed to supervise its agents.
The case stems from an 81-year-old New Hampshire resident who bought a non-traded REIT from LPL in January 2008. The client allegedly suffered substantial investment losses on the product, which typically is illiquid and comes with high fees.
If you have suffered investment losses as a result of your broker’s or brokerage firm’s misconduct, contact the Hanley Law to discuss your legal rights. The Hanley Law is dedicated to helping investors who have been victims of securities fraud. If you have lost money as a result of securities fraud, you may be entitled to recover your investment losses. Contact Hanley Law toll free at (239) 649-0050 for a complimentary initial consultation.