LPL Financial reached a settlement with state regulators on Wednesday and will be prepared to pay a $1.43 million fine. This comes after the sale of nontraded real estate investment trusts (REITs) the brokerage firm sold from January 1st, 2008 until December 31st, 2013. A North American Securities Administration Association task force found LPL agents violated minimum net worth, income and concentration standards set by product issuers, state concentration limits and the firm’s internal guidelines when selling the REITs. LPL did not provide adequate supervision of the transactions. LPL on Wednesday also reached an agreement with Massachusetts Attorney General Maura Healey to pay $1.8 million in fines for unsuitable sales of leveraged exchange-traded funds (ETFs) to 200 investors in the state. LPL also reached a similar settlement with the Delaware Department of Justice on Tuesday regarding leveraged ETFs. The firm will pay a $50,000 administrative fine and set up a $150,000 investor-restitution fund.
If you invested money with LPL Financial, you may be able to bring a claim against them to recover money losses. Please call our securities law firm in Chicago, Illinois to speak to an attorney. We sue firms such as LPL to recover money for investors. The call is free with no obligation, and we only take cases on a contingency fee basis so we don’t make money unless you recover.