{"id":1622,"date":"2015-04-07T20:29:08","date_gmt":"2015-04-07T20:29:08","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2015\/04\/lpl_financial_should_pay_36m_i"},"modified":"2022-03-22T13:48:24","modified_gmt":"2022-03-22T18:48:24","slug":"lpl-financial-should-pay-36m-i","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/lpl-financial-should-pay-36m-i\/","title":{"rendered":"LPL Financial Should Pay $3.6M in Fines, Repayments for REIT Sales to Older Investors, Says NH Regulator"},"content":{"rendered":"

The New Hampshire Bureau of Securities Regulation wants LPL Financial (LPLA) to pay clients $2.4 million in buybacks and restitution for 48 sales of nontraded real estate investment trusts that were purportedly unsuitable for elderly investors. The regulator, which says the firm did not properly supervise its agents, is also fining LPL $1 million plus $200,000 in investigative expenses.<\/p>\n

The securities case springs from transactions involving an 81-year-old state resident that purchased a nontraded REIT from the firm in 2008. The investor, whose liquid net worth was $2.5 million and invested $253,000 in the financial instrument, would go on to lose a significant amount of money. A probe ensued.<\/p>\n

The state regulator contends that the 48 REIT sales, totaling $2.4 million lead to concentration that went beyond LPL guidelines and that the firm sold hundreds of nontraded REITs to clients in New Hampshire on the basis of “clearly erroneous “client financial data, while frequently violating its own policies. LPL has reportedly admitted that 10 of the 48 transactions deemed unlawful by the state were unsuitable according to its own guidelines. The Securities Bureau wants to take away the firm’s license to sell securities in New Hampshire.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The New Hampshire Bureau of Securities Regulation wants LPL Financial (LPLA) to pay clients $2.4 million in buybacks and restitution for 48 sales of nontraded real estate investment trusts that were purportedly unsuitable for elderly investors. The regulator, which says the firm did not properly supervise its agents, is also fining LPL $1 million plus […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3877,3759,3741,3803],"tags":[],"class_list":["post-1622","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-lpl-financial","category-reits","category-securities-fraud","category-senior-investors"],"yoast_head":"\nLPL Financial Should Pay $3.6M in Fines, Repayments for REIT Sales to Older Investors, Says NH Regulator — Investor Lawyers Blog — April 7, 2015<\/title>\n<meta name=\"description\" content=\"The New Hampshire Bureau of Securities Regulation wants LPL Financial (LPLA) to pay clients $2.4 million in buybacks and restitution for 48 sales of — April 7, 2015\" \/>\n<meta name=\"robots\" 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