CONCORD, N.H., May 3 -- The New Hampshire Department of State's Bureau of Securities Regulation issued the following news release:
In December of 2015, the New Hampshire Bureau of Securities Regulation (the "Bureau") entered into a Consent Order with LPL Financial, LLC ("LPL"), a broker-dealer based in Boston, Massachusetts, related to the sale of non-traded Real Estate Investment Trusts ("REITs") to New Hampshire residents. Pursuant to this Consent Order, in addition to monetary penalties and other relief, LPL was required to engage a third party to review certain LPL non-traded REIT sales to New Hampshire residents to determine which such sales violated either LPL guidelines or guidelines established by the non-traded REIT issuer. Any New Hampshire resident whose non-traded REIT purchase through LPL violated these guidelines would be entitled to remediation.
Recently, the third-party chosen by LPL and approved by the Bureau completed its review of LPL's non-traded REIT sales and has determined that over two hundred New Hampshire residents are eligible for remediation offers totaling over $8,000,000.
In the coming days, those individuals eligible for remediation should receive letters outlining the offer being made to them by LPL as well as the terms of accepting the offer. Additionally, any current or former LPL client whose account was reviewed but who was determined not to be eligible for remediation will receive an explanatory letter from LPL.
Any person with questions about a letter they receive regarding a remediation offer from LPL may contact LPL's helpline at (855)860-4878 or may contact the Bureau at (603)271-1463.
The full Consent Order is available at http://sos.nh.gov/EnforceAct.aspx.