SD firm will pay $2 million to investors plus $500,000 fine
San Diego's LPL Financial has been hit with an order by the Massachusetts Security Division to pay more than $2 million to investors who had bought shares of non-traded real estate investment trusts (REITs). LPL will also pay a $500,000 administrative fine. Non-traded REITs are illiquid and many turn out to be bad investments, regulatory bodies throughout the U.S. have warned. The Massachusetts matter has been hanging fire since December.
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