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Mass. Regulators Move Against Nontraded REITS

Samuels Yoelin Kantor LLP

(December 12) Legal action by Massachusetts securities regulators serves as a warning to investors about an entire class of investments.

Charges were filed against LPL Financial LLC, the largest organization of independent financial advisors in the U.S., on the sales of nontraded REITs offered by Inland American Real Estate Trust, the largest nontraded REIT in the industry. The regulator’s investigation found that LPL brokers failed to observe 10% concentration limits meant to protect investors, downplayed liquidity issues, and other issues comprising, in their words, “a boat with many holes”. Non-traded REITs were the subject of a FINRA Investor Alert earlier this year which pointed out their complexity, high fees, adverse tax consequences, and illiquidity.

(Investment News at www.investmentnews.com)

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