The Securities Arbitration Law Firm of Klayman & Toskes (“K&T”) (
) announced today that it is continuing to investigate claims regarding LPL Financial’s (NasdaqGS: LPLA) sale of real estate investment trusts (“REITs”). Last week the State of Montana said it is preparing to file a case against LPL Financial involving “multiple brokers.” The new case focuses on REIT sales to unsophisticated investors. According to Montana, LPL is on its radar screen more than any other firm. Between LPL and Ameriprise Financial, the two firms are largest sellers of non-traded REITs, representing about 20% of the $10 billion in annual sales of these products.
In December 2012, the State of Massachusetts charged LPL with dishonest and unethical business practices regarding its sales of REITs. Massachusetts found that REIT sales at LPL contained violations, including sales made in violation of the State’s 10% concentration limits, sales made in violation of prospectus requirements, and sales made in violation of LPL compliance practices. Massachusetts also found that LPL representatives received limited training on REITs.
LPL customers who invested in REITs are encouraged to contact K&T to explore their legal rights and options. K&T has filed numerous securities arbitration claims with the Financial Industry Regulatory Authority’s (“FINRA”) Arbitration Department, on behalf of LPL customers who sustained significant losses in REITs. The attorneys at K&T are dedicated to pursuing claims on behalf of investors who have suffered substantial losses. K&T, an experienced, qualified and nationally recognized securities litigation law firm, practices exclusively in the field of securities arbitration and litigation. It continues its representation of investors throughout the world in securities arbitration and litigation matters against major Wall Street brokerage firms.
If you wish to discuss this announcement or invested $250,000 or more in REITs, please contact Steven D. Toskes, Esquire or Jahan K. Manasseh, Esquire of Klayman & Toskes, P.A., at 888-997-9956, or visit us on the web at