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The Securities Arbitration Law Firm of KlaymanToskes (www.reitfraudloss.com) announced today that LPL Financial (“LPL”) has agreed to pay up to $2.5 million to settle claims brought by Massachusetts for failure to supervise registered representatives who sold non-traded Real Estate Investment Trusts (“REITs”). A copy of the consent order can be found by clicking here. The complaint focused on the following seven REITs: Inland American, Cole Credit Property Trust, II, Cole Credit Property Trust, III, Cole Credit Property 1031 Exchange, Wells REIT II, W.P. Carey Corporate Property Associates 17 and Dividend Capital Total Realty.
In December 2012, LPL was charged with dishonest and unethical business practices regarding its sales of REITs. Massachusetts found that REIT sales at LPL contained violations, including sales made in violation of the State’s 10% concentration limits, sales made in violation of prospectus requirements, and sales made in violation of LPL compliance practices. Massachusetts also found that LPL representatives received limited training on REITs.
LPL customers who invested in REITs are encouraged to contact KlaymanToskes to explore their legal rights and options. KlaymanToskes has filed numerous securities arbitration claims with the Financial Industry Regulatory Authority’s (“FINRA”) Arbitration Department, on behalf of LPL customers who sustained significant losses in REITs. The attorneys at KlaymanToskes are dedicated to pursuing claims on behalf of investors who have suffered substantial losses. KlaymanToskes, an experienced, qualified and nationally recognized securities litigation law firm, practices exclusively in the field of securities arbitration and litigation. It continues its representation of investors throughout the world in securities arbitration and litigation matters against major Wall Street brokerage firms.
If you wish to discuss this announcement or invested $250,000 or more in REITs, please contact Steven D. Toskes, Esquire or Jahan K. Manasseh, Esquire of KlaymanToskes, at 888-997-9956.