LPL Financial LLC of San Diego was charged today with failing to supervise agents who sold investments in non-traded real estate investment trusts in violation of both state limitations and the company's own rules, according to Secretary of the Commonwealth William F. Galvin.
LPL, which has a principal local place of business at 75 State St., is also charged with dishonest and unethical business practices, Galvin said. An administrative complaint seeks a cease and desist order against LPL, a censure and full restitution to those investors who were sold these instruments in violation of state regulations and the requirements of the REIT prospectus.
A probe by the Securities Division found 597 transactions by state residents in seven REITs with over $28 million invested, on which sales LPL received at least $1.8 million in commissions from 2006 through 2009. A total of 569 transactions had regulatory violations, including sales made in violation of Massachusetts' 10 percent concentration limitations; sales made in violation of prospectus requirements; and sales made in violation of LPL compliance practices.
REITs own and manage income-producing property or are involved in real estate financing. Non-traded REITs have limited redemption programs, and high fees and commissions that range between 15 and 18 percent.
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