Ameriprise Financial，Sbob200体育ecurities America和其他三家经纪公司与马萨诸塞州金融监管机构达到960万美元的非交易REIT证券解决方案

Secretary of the Commonwealth of Massachusetts William Galvin announced today that the state has reached a $9.6Msecurities settlement拥有五个独立的经纪经销商 - 梅里利斯金融服务公司（AMP），英联邦金融网络，林肯金融顾问公司，皇家联盟协会公司和证券美国公司 - 据称不适当向不当交易的房地产投资者出售给bob200体育。其中860万美元对他们来说是赔偿。

Galvin says that the investigation, which was triggered by complaints from customers, led to the discovery of a “pattern of impropriety” in the sale of these securities by independent broker-dealers where supervision has been hard to “maintain.” As part of the nontraded REIT settlement, Ameriprise will pay $2.6 in restitution and a $400K fine, Securities America will pay $778K in restitution and a $150K fine, Royal Alliance will pay $59K in restitution and a $25K fine, Commonwealth Financial Network will pay a $2.1M restitution and a $300K fine, and Lincoln Financial will pay a $504K restitution and a $100K fine.

The non-traded REIT agreement with these independent brokerage firms comes just three months after Galvin settled a similar securities fraud case with LPL Financial Holdings Inc. accusing that financial firm of inadequately supervising their brokers tasked with selling the financial instruments. LPL Financial agreed to pay $2.5M in restitution and a $500K administrative fee over seven nontraded REITs that were sold.

The state of Massachusetts contends that some sales allegedly violated state regulations that don’t allow over 10% of an investor’s worth to be held in specific securities, while others purportedly violated the requirements for liquid net worth of investors that are established in prospectuses. Firm employees and brokers tasked with looking over the transactions were not only allegedly inadequately supervised, but also they lacked the necessary education about nontraded REIT transactions. This week, a spokesperson for Secretary Galvin announced that the financial firm has agreed to pay another $2.6 million in restitution.

Shepherd Smith Edwards and Kantas, LTD LLP’s REIT attorneys, represent individual and institutional investors throughout the United States.

Five IBDs in $7M settlement over nontraded-REIT sales, Investment News, May 22, 2013

LPL to pay up to $2.5 million to settle Massachusetts REIT charges, Reuters, February 6, 2013

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Goldman Sachs Execution and Clearing Must Pay $20.5M Arbitration Award in Bayou Ponzi Scam, Upholds 2nd Circuit, Institutional Investor Securities Blog, July 14, 2012