Massachusetts Regulators file non-traded REIT complaint against LPL Financial, LLC
Aidikoff, Uhl & Bakhtiari launches investigation of non-traded REIT recommendations
Aidikoff, Uhl & Bakhtiari announces the launch of an investigation of the sales practices of LPL Financial, LLC in recommending non-traded REITs to their clients. The investigation follows the recently filed complaint by the Commonwealth of Massachusetts Securities Division into similar non-traded REIT sales practices. The Massachusetts complaint charged LPL with dishonest and unethical business practices.
“People who purchased non-traded REITS through LPL may have been led to believe they were suitable for conservative income seeking investors. In fact, these investments were very different,” stated attorney Philip M. Aidikoff.
“The Massachusetts complaint offers a behind the scenes look at business practices allegedly engaged in by LPL,” said attorney Ryan K. Bakhtiari. “Investors should consider all of their options if they have suffered losses in non-traded REITs sold by their brokerage firm.”
The Massachusetts complaint focused on seven non-traded REIT products:
- Inland American
- Cole Credit Property Trust II, Inc.
- Cole Credit Property Trust III, Inc.
- Cole Credit Property 1031 Exchange
- Wells Real Estate Investment Trust II, Inc.
- W.P. Carey Corporate Property Associates 17
- Dividend Capital Total Realty
Aidikoff, Uhl & Bakhtiari represents retail and institutional investors around the world in securities arbitration and litigation matters. Attorneys for the firm have appeared before the Financial Industry Regulatory Authority (FINRA) and in numerous state and federal courts to resolve financial disputes between customers, banks, brokerage firms and other financial institutions. To discuss your options please contact us.