New Hampshire Requesting LPL Financial to pay $3.6M

In a filing last week, The New Hampshire Bureau of Securities Regulation says they are seeking $2.4 million from LPL in buybacks and restitution for clients in 48 sales of nontraded real estate investment trusts that date back to 8 years ago. The rest of the $3.6M stems from a request for a $1 million fine and $200,000 in investigative costs. The state is claiming the sales were “unsuitable and unlawful” and that the advisors allegedly conducted unsuitable sales of real estate investments for their elderly clients.

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