The Securities Law Firm of Menzer & Hill, P.A., is investigating the sales practices of LPL Financial, LLC (“LPL”) related to its solicitation of non-traded real estate investment trusts (“REITs”) to its’ clients. Recently, the Commonwealth of Massachusetts Securities Division sued LPL over their selling practices. LPL Financial sold in excess of $28 million worth of the REITs. The complaint alleges that LPL engaged in dishonest and unethical business practices and failed to supervise their registered representatives who sold the REITs. The Complaint specifically mentioned the following REITs:
- Inland American Real Estate Trust Inc.;
- Cole Credit Property Trust II, Inc.;
- Cole Credit Property Trust III, Inc.;
- Cole Credit Property 1031 Exchange;
- Dividend Capital Total Realty;
- Wells Real Estate Investment Trust II, Inc.; and
- W.P. Carey Corporate Property Associates 17.