We have written many posts about REITs – Real Estate Investment Trusts. They can be great investments but many have liquidity problems. Stockbrokers often recommend them to the wrong customers as well. In May, Massachusetts Secretary of State William Gavin announced that five brokerage firms had agreed to pay restitution of $6.1 million to settle […]
LPL Broker Charged With Securities Fraud
Less than 24 hours ago we wrote a story about securities fraud and the need for brokerage firms to protect clients against advisers who rip off clients by “selling away.” Today the SEC announced it charged a former LPL Financial stockbroker, Blake Richards, with securities fraud after accusing him of stealing $2 million in client […]
FINRA Issues Warning On Nontraded REITs – Stockbroker Fraud Post
We have written several times about the dangers of nontraded or thinly traded REITs. They are a popular way of investing in real estate but they can be difficult to sell or liquidate if an investor suddenly needs cash. There are other potential pitfalls as well. This week the Financial Industry Regulatory Authority – FINRA […]
LPL Financial Accused of Elder Fraud, Ordered to Pay Over $1mm
Earlier this week we warned about the risks of purchasing complex and exotic derivative securities. We also warned about illiquid real estate investments and how they can be difficult to sell when you need to raise cash. They may be perfect for some folks but are often a bad idea for seniors. Last Friday an […]