FINRA Slams LPL with Fine for Alternative Investment Sales
From Ring of Fire:
The Financial Industry Regulatory Authority (FINRA) has issued a nearly $1 million fine to LPL Financial for its failures related to the supervision of sales in a broad range of alternative investment products, including nontraded REITs.
“The integrity of our financial markets of the highest importance,” commented Peter Mougey, a shareholder with the Levin, Papantonio law firm and Director of the firm’s Securities and Business Litigation Department. “The failure to properly supervise the sale of products like nontraded REITs cannot go without punishment.”
Nontraded REITs, or nontraded real estate investment funds, are the subject of wider controversy. Nontraded REITs often carry exorbitant fees and costs while simultaneously failing to disclose their true value to investors.
You can read the full article here at Ring of Fire.
