William Galvin, the secretary of the Commonwealth of Massachusetts, today announced settlements with five leading independent broker/dealers to make $8.6 million in restitution to investors and pay fines totaling $975,000 for the sales of nontraded real estate investment trusts (REITs).

These five firms are: Ameriprise Financial Services Inc., with $2.6 million in restitution and a fine of $400,000; Commonwealth Financial Network, which will pay $2.1 million in restitution and a $300,000 fine; Royal Alliance Associates Inc., which will pay $59,000 in restitution and a $25,000; Securities America Inc., paying $778,000 in restitution and a $150,000 fine; and Lincoln Financial Advisors Corp., paying $504,000 in restitution and a $100,000 fine.

“Our investigation into the sales of REITs, triggered by investor complaints, showed a pattern of impropriety on the sales of these popular but risky investments on the part of independent brokerage firms where supervision has historically been difficult to monitor,” Mr. Galvin said in a statement.

This is the Massachusetts Securities Division’s second settlement this year over the sale of nontraded REITs. In February, Mr. Galvin reached a settlement with LPL Financial LLC to pay at least $2 million in restitution and $500,000 in fines over the sale of nontraded REITs.

Mr. Galvin has garnered more than $11 million total this year, in restitution for Massachusetts investors and levied $1.4 million in fines from independent broker-dealers, many that sell nontraded REITS.

Soreide Law Group, PLLC, represents clients nationwide before FINRA. Call for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552.

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With mounting pressure from regulators, broker/dealers are making changes to how they sell alternative investments.

VSR Financial Services Inc., Berthel Fisher & Co. Financial Services Inc. and the Cetera Financial Group Inc., which has four independent-contractor broker-dealers under its umbrella, this year have revised policies or added new guidelines and procedures for the sale of certain alternatives, such as nontraded real estate investment trusts (REITs), according to Bruce Kelly in a recent article from InvestmentNews.com.

These changes particularly affect alternative investments that are illiquid. Illiquid securities are not traded on an exchange, leaving investors with little or no ability to sell them immediately. Illiquid products remain enormously popular with clients.

In making these changes, the broker-dealers are following the lead of both state regulators and FINRA, the Financial Industry Regulatory Authority Inc.

In February LPL Financial LLC agreed to pay Massachusetts $500,000 to settle complaints tied to the firm’s sale of nontraded REITs, which are illiquid real estate investment trusts. Massachusetts Commonwealth Secretary William Galvin in December had charged LPL with failure to supervise registered representatives who sold the nontraded REITs in an alleged violation of both state limitations and the company’s rules.

For clients who are 70 to 75, the maximum percentage of illiquid investments a client can own is 25% of a portfolio; for clients between 75 and 84, the new maximum is 15%. The firm is not accepting orders for illiquid investments — commonly referred to as direct participation programs — for clients who are 85 and above.

If you or a family member have sustained investment losses due to your stock broker or financial advisor’s recommendations, call Soreide Law Group for a free consultation on how to potentially recover your losses at 888-760-6552.

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According to a recent article in the New York Times, LPL Financial, has 13,300 brokers, 6,500 offices, 4.3 million customers — and a growing list of problems with regulators.

LPL is now the nation’s fourth-largest brokerage firm — after Wells Fargo, Morgan Stanley and Merrill Lynch — and the largest in much of rural America–its specialty. LPL’s explosive growth has brought the difficulties regulators face in overseeing far-flung financial advisers.

LPL has been censured by state and federal authorities with unusual frequency. LPL brokers have been penalized for selling complex investments to unsophisticated investors, for speculative trading in customer accounts, and, in a few cases, for outright stealing from clients.

State regulators in Illinois, Massachusetts, Montana, Oregon and Pennsylvania have penalized LPL for failing to oversee its brokers properly.

Many investors have turned to independent brokerage firms like LPL. LPL brokers are essentially contractors. They get LPL e-mail addresses and come under LPL compliance but pay for office space and staff. With overhead costs relatively low, the company can pass a large percentage of commissions and fees — upward of 80 percent — back to its brokers.

But analysts say that the high commissions leave LPL less money for compliance and can attract brokers interested in skirting the rules.

Massachusetts secretary of the commonwealth, William F. Galvin, came to a $2.5 million settlement with LPL in February. Mr. Galvin said LPL had failed to properly examine who the products were being sold to, and had pushed the investments without mentioning that they provided big commissions to LPL and its brokers. In Washington State last year, authorities brought a case against a LPL broker who had sold nontraded REITs to dozens of older clients.

In the latest quarter LPL executives said they had added 182 brokers and increased revenue 14 percent from a year earlier.

If you or a family member have experienced losses through LPL Financial, call a Securities Arbitration Lawyer for a free consultation on how to potentially recover your losses at 888-760-6552.

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Last week LPL Financial Holdings agreed to pay $2.5 million in fines and restitution for improperly supervising brokers who sold non-traded real estate investment trusts. (Please note that LPL neither admitted nor denied wrongdoing.) These non-traded REITs are high-yielding and very popular. These non-traded REITs have jumped about 50% since 2009, to $65 billion. They are difficult to track and value, since they don’t trade on public exchanges.
Below is a list of REITs, some of which LPL Financial Holdings were fined for allegedly selling with improper supervision to clients who were not interested in taking the risks with their conservative portfolios.

American Realty Capital Daily Net Asset Value, Inc.
American Realty Capital Global Trust, Inc.
ARC Retail Centers of America
American Realty Capital Trust IV, Inc.
ARC Healthcare Trust
American Realty Capital Phillips Edison
Shopping Center REIT
American Realty Capital Trust, Inc. Update
American Realty Capital New York Recovery REIT
ARC Property Trust, Inc.
Arciterra National REIT, LP
Behringer Harvard Multifamily REIT II, Inc.
Bluerock Enhanced Multifamily Trust, Inc.
Carter Validus Mission Critical REIT
Clearwater Opportunity REIT
CNL Global Growth Trust, Inc.
CNL Global Income Trust, Inc.
Cornerstone Core Properties REIT, Inc.
Hines Global REIT, Inc. 2012
Inland Real Estate Income Trust, Inc.
Inland Diversified REIT
Lightstone Value Plus REIT II Update
NetREIT Dubose Model Home REIT, Inc.
NetREIT $200,000,000 Stock Offering Update
O’Donnell Strategic Industrial REIT, Inc.
Preferred Apartment Communities, Inc.
RREEF Property Trust, Inc.
UCM US RMBS Opportunity REIT, Inc.
US Apartment Investors 2010, Inc.
Wells Core Office Income REIT

If you purchased these or other REITs, and sustained investment losses due to your stock broker or financial advisor’s recommendations, call Soreide Law Group, PLLC, for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552, or visit our website and complete our online form at: http://www.securitieslawyer.com.

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Financial regulators are confronting investor frauds that are giving retirement savers steep losses on complex products that until a few years ago were aimed only at the most sophisticated investors, writes Nathaniel Popper in a New York Times article from Feb. 11, 2013.

These victims are among the millions of Americans whose mutual funds and stock portfolios fell in the financial crisis, and who started searching for ways to make better returns. Many investors put money into speculative bets promoted by aggressive financial advisers. These investments included private loans to young companies and shares in bundles of commercial real estate properties.

“Since the crisis, we’ve seen more and more people reaching out into different types of exotic investments that are a big concern to us,” said William F. Galvin, the Massachusetts secretary of the commonwealth.

Wednesday, Feb. 6th., 2013, Mr. Galvin’s office ordered one of the nation’s largest brokerage firms, LPL Financial, to pay $2.5 million for improperly selling the real estate bundles, known as nontraded REITs, or real estate investment trusts, to hundreds of Massachusetts residents from 2006 to 2009, in some cases overloading clients’ accounts with them.

J. Bradley Bennett, chief of enforcement at the Financial Industry Regulatory Authority, or FINRA, said that for the last two years, 10 staff members have looked at the “proliferation of these products, to understand how they are being sold.”

“It’s got our attention,” he said. “We recognize the trends.”

Brokers are eager to sell these investments because they often bring in higher commissions. Several of these products hold out the promise of higher returns. Many of the investors in these complex products have filed claims with FINRA.

Private placements have been on the list of top enforcement concerns published by the national organization of state securities regulators every year since 2007. The private placements are supposed to be available only to wealthy, sophisticated investors, but several loopholes have allowed them to end up in the portfolios of less sophisticated retirement savers.

REITs have been one of the most heavily sold products. The new version, nontraded — the type that got LPL Financial in trouble in Massachusetts — can be bought and sold only in private transactions.

The outstanding amount of such nontraded REITs grew to $65 billion last year, from $43 billion in 2009. FINRA also issued a $14 million fine in October against David Lerner Associates, a large purveyor of nontraded REITs in the New York area.

If you or a family member have sustained investment losses due to your stock broker or financial advisor’s recommendations regarding non-traded REITs, private placements, or other complex products, call for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552, or visit our website and complete our online form at: http://www.securitieslawyer.com.

Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.

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On Feb. 6th., 2013, LPL Financial, LLC, was ordered by Massachusetts Security Division to pay restitution of more than $2 million to investors who bought shares of nontraded real estate investment trusts (REITs) and a $500,000 administrative fine, which involved investors who bought shares of several different nontraded REITs in violation of state limitations, and the company’s own rules and procedures. LPL also has agreed to review all nontraded REITs sold in Massachusetts and offered to make restitution to all other investors who bought the securities in violation of state limits or company rules.

LPL Financial and Ameriprise Financial Inc. are the two biggest sellers of nontraded REITs, accounting for almost 20% of the industry’s annual sales of $10 billion. Regulators recently have put the nontraded REITs on close watch as a number of the largest REITs have suffered sharp devaluations.

In its consent order with Massachusetts regulators, LPL admitted to a series of statements of fact around the sales of the REITs but neither admitted nor denied allegations stemming from the training and oversight of sales of nontraded REITs as well as alleged violations of securities laws. The REIT sales occurred between 2006 and 2009.

Below is a list of non-traded REITs sold by many broker/dealers:

American Realty Capital Daily Net Asset Value, Inc.
American Realty Capital Global Trust, Inc.
ARC Retail Centers of America
American Realty Capital Trust IV, Inc.
ARC Healthcare Trust
American Realty Capital Phillips Edison
Shopping Center REIT
American Realty Capital Trust, Inc.
American Realty Capital New York Recovery REIT
ARC Property Trust, Inc.
Arciterra National REIT, LP
Behringer Harvard Multifamily REIT II, Inc.
Bluerock Enhanced Multifamily Trust, Inc.
Carter Validus Mission Critical REIT
Clearwater Opportunity REIT
CNL Global Growth Trust, Inc.
CNL Global Income Trust, Inc.
Cornerstone Core Properties REIT, Inc. 2nd Offering
Hines Global REIT, Inc. 2012 Update
Inland Real Estate Income Trust, Inc.
Inland Diversified REIT
Lightstone Value Plus REIT II
NetREIT Dubose Model Home REIT, Inc.
NetREIT $200,000,000 Stock Offering Update
O’Donnell Strategic Industrial REIT, Inc.
Preferred Apartment Communities, Inc.
RREEF Property Trust, Inc.
UCM US RMBS Opportunity REIT, Inc.
US Apartment Investors 2010, Inc.
Wells Core Office Income REIT

Securities Attorney, Lars Soreide, of Soreide Law Group, PLLC, has represented clients nationwide. If you or a family member have experienced losses through LPL Financial, LLC, or any other nontraded REIT, call a Securities Arbitration Lawyer for a free consultation on how to potentially recover your losses. To speak with an attorney, call 888-760-6552, or visit http://www.securitieslawyer.com.

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Massachusetts securities regulators sued LPL Financial, LLC, in December over sales practices of brokers regarding the REITs. Secretary of the Commonwealth, William Galvin, charged LPL Financial with a failure to supervise registered reps who sold the nontraded REITs in violation of both state limitations and the company’s rules. The Securities Division also charged LPL Financial with dishonest and unethical business practices writes Bruce Kelly in an article in InvestmentNews.com.

These charges stem from the sales of $28 million of nontraded REITs to almost 600 clients from 2006 to 2009. The Securities Division found that 569 had regulatory violations. These included sales made in violation of Massachusetts 10% concentration limits; sales made in violation of prospectus requirement; and sales made in violation of LPL compliance practices. LPL received gross commission of $1.8 million for those sales, according to the complaint.

The InvestmentNews.com article goes on to say that the largest amount of sales was for Inland American Real Estate Trust Inc., the largest nontraded REIT in the industry, with $11.2 billion in real estate assets. Massachusetts investors put at least $20.1 million in Inland American, which is currently the focus of a fact-finding investigation by the Securities and Exchange Commission. Massachusetts is seeking full restitution to clients in the state who were sold REITs allegedly in violation of state and prospectus requirements. It is also seeking an unspecified administrative fine against the firm.

LPL Financial is the largest independent broker-dealer, with more than 13,000 registered reps and advisers. Along with Ameriprise Financial Inc., it is one of the largest sellers of nontraded REITs, which are sold only through independent broker-dealers. The investments are marketed as a way to diversify an investor’s portfolio and generate income.

Nontraded REITs, which had over $10 billion in sales in 2012, have drawn attention from regulators and the market recently. Many notable REITs took hits in 2008 and 2009 during the broad downturn of the commercial real estate market. Some of the industry’s largest REITs have suffered a drop in valuations of 25% to 50%, and some REITs have also cut dividends to investors.

Securities Attorney, Lars Soreide, of Soreide Law Group, PLLC, has represented clients nationwide. If you or a family member have experienced losses through LPL Financial, LLC, call a Securities Arbitration Lawyer for a free consultation on how to potentially recover your losses. To speak with an attorney, call 888-760-6552, or visit http://www.securitieslawyer.com.
Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.

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Broker-dealers’ falling short in due diligence when selling complex, illiquid products has been a focus of FINRA examinations and fines since the market collapse of 2008, writes Bruce Kelly of InvestmentNews.com. FINRA recently fined and sanctioned a handful of broker-dealers that sold two series of private placements that imploded in 2009 — Medical Capital Holdings Inc. notes and preferred shares of Provident Royalties LLC.

This according to comments made last Thursday by Susan Axelrod, executive vice president of member regulation sales practices at FINRA. “In several instances, FINRA examiners have found that firms selling these products failed to conduct reasonable diligence before selling a product and failed to make a determination that the product was suitable for investors.”

“Finra examiners have noted that in the instances of REITs that have experience financial difficulties, red flags existed and should have been considered by firms prior to the product being offered to firm clients,” according to Ms. Axelrod’s prepared comments to the Securities Industry and Financial Markets Association’s Complex Products Forum, which was held in New York.

Ms. Axelrod said that distributions, or dividends, of nontraded REITs are on FINRA’s radar.

“Nontraded REITs may also borrow funds to make distributions if operating cash flow is insufficient,” she said. “And excessive borrowing may increase the risk of default or devaluation. In addition, nontraded-REIT distributions may actually be a return of principal,” she said.

Susan Axelrod added that financial advisers, therefore, “must use caution when discussing distributions with investors, particularly when making comparisons to other dividend-paying investments.”

“FINRA examiners are also reviewing advertising, sales literature and correspondence between brokers and investors, and — in some instances — have found misrepresentations of product features, such as distributions and share values,” she said. “All of these issues raise investor protection concerns.”

(Nontraded REITS = Nontraded real estate investment trusts)

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, represents clients nationwide. For a free consultation on how to potentially recover your financial losses call: 888-760-6552, or you may visit our website and complete the online form at: http://www.securitieslawyer.com.

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Recently, InvestmentNews.com did an analysis of eight of the largest nontraded real estate investment trusts (REITs). They found that these REITs have lost $11.3 billion, or 37% of their equity value, over the past seven years.

On August 14th., CNL Lifestyle Properties Inc., which initially raised $2.7 billion at $10 a share, became the latest large nontraded REIT to report a sharp decline in value; its share price dropped to $7.31.

In July, the Dividend Capital Total Realty Trust Inc., which raised $1.8 billion in equity at $10 per share, revised its value to $6.69 per share. In March, the REIT said its value was $8.45 per share.

Some industry observers commented that the revaluation of CNL Lifestyle Properties is likely to be the last nontraded REIT to see a substantial decline in value. The eight REITs analyzed for InvestmentNews.com were notable because they had raised more than $1 billion in equity, and their declines in equity value were greater than 20%.

The decline in estimated equity value does not take into consideration the “distributions,” or dividend yields, that the REITs have been paying clients. Such yields can range from 5% to 7% annually. Accounting for those distributions is important in the discussion of nontraded REITs returns, industry executives noted.

These eight REITs which were examined, are a large part of the nontraded-REIT and “direct participation program” investment industry, which will raise between $9 billion and $10 billion from investors this year through independent broker-dealers.

The one exception: The family of REITs known as the Apple REITs was not included in the analysis, because their share prices are currently listed as “not priced.” The Financial Industry Regulatory Authority Inc. (FINRA) last year filed a complaint against David Lerner and Associates Inc., alleging that since at least 2004, “the closed Apple REITs have unreasonably valued their shares at a constant price of $11, notwithstanding market fluctuations, performance declines and increased leverage.” over sales of the REITs.

The InvestmentNews.com article said that during the surge in the commercial real estate market, which peaked near the end of 2007, some registered reps sold nontraded REITs to clients and characterized them as bond alternatives. Some reps sold these investments appropriately, and some reps fell short.

If you or a family member have sustained investment losses due to your stock broker or financial advisor’s recommendations regarding these or other non-traded REITs, call for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552, or visit our website and complete our online form at: http://www.securitieslawyer.com.

Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.

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In an article by Bruce Kelly of InvestmentNews.com, from May 10, 2011, he writes that the largest nontraded real estate investment trust in the industry, Inland American Real Estate Trust Inc., is under investigation by the Securities and Exchange Commission for potential violations of federal securities laws regarding its fees and administration.

The SEC’s investigation of Inland American, which has $11.2 billion in real estate assets, centers on the details of its fees.

Inland American “has learned that the SEC is conducting a nonpublic, formal fact-finding investigation to determine whether there have been violations of certain provisions of the federal securities laws,” the company said in its quarterly report. Those potential violations are “regarding the business manager fees, property management fees, transactions with affiliates, timing and amount of distributions paid to investors, determination of property impairments, and any decision regarding whether the company might become a self-administered REIT.”

“Inland American has not been accused of any wrongdoing and we are fully cooperating with the SEC,” said Nicole Spreck, a company spokeswoman. “Inland American does not believe it has done anything wrong and we continue to execute against our business plan and strategy. Beyond that we really can’t comment on the investigation itself because it is a confidential process at the request of the SEC and we plan to honor that request. “

Kelly goes on to say that the nontraded-REIT industry  has seen a number of REITs cut their estimated values and drawn increased scrutiny from securities regulators over the issue. Inland American is one of five REITs that have been sponsored by The Inland American Real Estate Group of Companies Inc., according to that company’s website. At the end of last year, Inland American directly or indirectly owned 964 properties, representing 49 million square feet of retail industrial and office space. The REIT also owned 9,500 apartment units and 15,600 hotel rooms.

The InvestmentNews.com article reports that a related REIT, Retail Properties of America Inc., has also seen difficulties recently. Formerly known as Inland Western Retail Real Estate Trust Inc., Retail Properties of America had an initial public offering last month in which its shares were listed at an equivalent of $3.20 per share. Last June, that REIT’s management said its estimated value was $6.95 per share.

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