May 22, 2013

Massachusetts Brings in $9.6 Million in Settlements From 5 Firms in Nontraded REIT Sales

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.

S H A R E   T H I S   P O S T

Recent Posts

February 18, 2025
CONCORDE INVESTMENTS SERVICES and Bart Harrison

Soreide Law Group, based in South Florida, has filed a FINRA arbitration on behalf of their client (Claimant) against: CONCORDE INVESTMENTS SERVICES, LLC. (Respondent) The Claimant resides in Southwest Florida and maintained a relationship with CONCORDE INVESTMENTS SERVICES and its Financial Advisor, Bart Harrison. The lawsuit alleges that CONCORDE INVESTMENTS SERVICES and Bart Harrison understood […]

February 18, 2025
John Christoforidis Barred by FINRA Following Investigation

Financial Industry Regulatory Authority (FINRA) BrokerCheck reveals disclosures about securities broker John Christoforidis (CRD: 2841315, Garden City, New York). Christoforidis previously worked for multiple brokerage firms, including Spartan Capital Securities LLC from 2016 to 2024. Recent regulatory actions disclose that FINRA has barred Christoforidis from the securities industry following his refusal to provide on-the-record testimony […]

February 18, 2025
Joel Freedman Faces Allegations of Unauthorized Trading

Financial Industry Regulatory Authority (FINRA) BrokerCheck reveals disclosures about securities broker Joel Randy Freedman (CRD#: 1260557, Radnor, Pennsylvania). Freedman has been employed in the securities industry for 40 years and has worked with several firms, including Morgan Stanley (2009-2024). As of April 2024, he is registered with Sanctuary Securities Inc. and Sanctuary Advisors LLC in […]

Contact us Nationwide USA
2401 E. Atlantic Blvd., Suite 305, Pompano Beach, FL 33062
Helping clients recover money across the USA
search
Copyright © 2022 Soreide Law Group, PLLC  |  All Rights Reserved