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San Diego's LPL Financial has been hit with an order by the Massachusetts Security Division to pay more than $2 million to investors who had bought shares of non-traded real estate investment trusts (REITs). LPL will also pay a $500,000 administrative fine. Non-traded REITs are illiquid and many turn out to be bad investments, regulatory bodies throughout the U.S. have warned. The Massachusetts matter has been hanging fire since December.

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Comments

Twister Feb. 10, 2013 @ 8:54 p.m.

What does John have to say about this, Don?

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Don Bauder Feb. 10, 2013 @ 10:17 p.m.

Twister: If you are talking about the John I think you are talking about, I don't know. Haven't asked. Best, Don Bauder

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Twister Feb. 11, 2013 @ 2:08 p.m.

Will you be asking Mr. W as part of your continuing investigation?

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Twister Feb. 10, 2013 @ 9:08 p.m.

What is happening in CA and SD? Is anyone considering a class-action suit here?

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Don Bauder Feb. 10, 2013 @ 10:20 p.m.

Twister: I don't know. The Massachusetts case involves non-traded real estate investment trusts (REITs). A Chicago law firm has filed the first of ten arbitration claims against LPL for clients who allegedly lost $10.1 million over a very different kind of investment. Best, Don Bauder

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Twister Feb. 11, 2013 @ 2:06 p.m.

LPL got me into REITs and I lost a lot of money. One of them has now "gone public," and I suspect the others will too. I suspect this is a way of washing their dirty laundry. I smell a racket that may go well beyond LPL.

Was the reported recovery the result of an AG prosecution, a class-action suit, other, or both?

Will we be hearing more from you on this subject regarding California and San Diego soon?

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Don Bauder Feb. 11, 2013 @ 2:52 p.m.

Twister: I wrote one column devoted completely to non-traded REITs, and also post blog items on these bad investments. They are illiquid and pay fat commissions to brokers who peddle them. Best, Don Bauder

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Twister Feb. 12, 2013 @ 7:31 p.m.

Roughly when did you write said column? Will I be able to find it in the Reader archives?

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Twister Feb. 12, 2013 @ 7:27 p.m.

I'm looking forward to your next installment.

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Burwell Feb. 15, 2013 @ 12:56 p.m.

I hope the tenor doesn't wind up like Pavarotti, choking to death on a Big Mac.

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Twister Feb. 22, 2013 @ 2:15 p.m.

Will you be commenting further or writing a follow-up piece on how this might apply to California, Don?

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Twister March 2, 2013 @ 9:55 p.m.

Gosh, Don, I hope you're all right! Just busy?

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Twister March 10, 2013 @ 10:25 p.m.

Have you been told to lay off this subject?

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