On September 23, 2015, LPL and the SEC reached an important agreement for its customers: LPL has admitted that it will compensate its clients for their losses in REITs LPL sold to them between January 1, 2008 and December 31, 2013.
Four important issues have been resolved by the SEC:
- LPL agents violated prospectus standards and sold REITs to people who did not have the income or net worth to be able to assume the risk.
- LPL agents violated state “concentration” limits—offering putting over half of their clients’ funds in REITs.
- LPL did not adequately train or supervise their agents about REITs, but instead urged them to sell many of these high-commission REITs.
- The REITs were too risky for most of the people LPL sold them to.
LPL has set aside money to compensate people it sold REITs to. You may be eligible for compensation if you purchased REITs, such as:
- Inland American
- CNL Lifestyle
- Other REITs by LPL
Please contact Diane Nygaard at (913) 485-5014 for a free consultation.Contact Us