LPL Financial has been in the news recently because FINRA has announced that it leads the pack—and not in a good way. It is in the forefront for having more customer complaints against it, per customer, than any other brokerage firm. Why? Because it is a leading seller of “alternative” investments, such as REITs, annuities, variable universal life policies, and other high-commission investments. These investments can devour investors’ savings as fast as a swarm of locusts can clear a corn field.
LPL Financial is one of the largest sellers of non-traded Real Estate Investment Trusts (“REITS”). Its agents sell them for one reason: because they make Commissions of 7-10%. That is, right off the top, 7 to 10% of the money you invest in these REITs goes to LPL and the broker. When added to the realtors’ fees to buy property, and the management fees paid its “affiliated” companies to manage the property, investors soon find that the “safe, income-generating investment” is not safe, does not generate stable income, and it is not much of an investment.
Late in 2012, Massachusetts sued LPL for its wrongdoing in selling many non-traded REITs, including:
- Inland American Real Estate Trust
- Behringer Harvard REITs
- CPA REITs
Clients who bought these REITs have suffered large losses, and Kenner Schmitt Nygaard is representing many such investors in securities cases to recover their losses. These REITs have lost value, cannot be sold except on a very thin secondary market, and the income being paid on them has dropped.
Diane Nygaard has represented investors for over 20 years in FINRA and NFA arbitrations, and has won several million dollar awards, including some for groups of investors. She has also been successful at convincing arbitration panels to award punitive damages, and to recommend that the broker be disciplined by FINRA or lose their license. She is committed to maximizing the amount you receive in arbitration. Brokerage firm lawyers are certain to judge the value of a claim based in part on the skill and reputation of your lawyer. Her reputation is very high. She is rated one of the “Best Lawyers” in America by her peers for securities litigation and arbitration. To contact Diane Nygaard about your potential claim, please call Diane at (913) 485-5014.Contact Us