NEW YORK, Jan. 3, 2013 (GLOBE NEWSWIRE) -- Maddox Hargett & Caruso, P.C. announces the initiation of an investigation into the sales practices of LPL Financial, LLC in connection with its recommendation of various non-traded REIT investment products to the firm's clients. LPL Financial, LLC is a wholly owned subsidiary of LPL Financial Holdings Inc.
The initiation of this investigation follows the recent filing of a regulatory complaint against LPL Financial by the Securities Division of the Commonwealth of Massachusetts, which focuses on purported improper sales practices by LPL Financial involving various non-traded REIT investment products during the period of January 2006 through December 2012. The Massachusetts complaint also charges LPL Financial with dishonest and unethical business practices.
"While many investors who purchased non-traded REITS through LPL Financial may have been led to believe they were suitable investments for conservative investors seeking income, these investments were, in fact, significantly more speculative and risky," states Mark E. Maddox, founder and partner in the Fishers, Indiana, office of Maddox Hargett & Caruso, P.C.
"The Massachusetts complaint not only exposes the unlawful business practices allegedly engaged in by LPL Financial, but it also sheds light on issues associated with non-traded REIT investment products sold by a multitude of other brokerage firms," says Steven B. Caruso, resident partner in the New York City office of Maddox Hargett & Caruso, P.C. "Investors should consider all of their options if they have suffered losses in any non-traded REIT investment product sold to them by any investment firm or financial advisor," Caruso adds.
The Massachusetts complaint focuses on seven non-traded REIT investment products:
-- Inland American;
-- Cole Credit Property Trust II, Inc.;
-- Cole Credit Property Trust III, Inc.;
-- Cole Credit Property 1031 Exchange;
-- Wells Real Estate Investment Trust II, Inc.;
-- W.P. Carey Corporate Property Associates 17; and
-- Dividend Capital Total Realty
Maddox Hargett & Caruso, P.C. represents retail and institutional investors in securities arbitration and litigation matters. More information is available at www.investorprotection.com. Investors also may contact one of the attorneys listed below.
CONTACT: Mark E. Maddox Maddox Hargett & Caruso, P.C. Fishers, IN 317-598-2040 firstname.lastname@example.org Steven B. Caruso Maddox Hargett & Caruso, P.C. New York, NY 212-837-7908 email@example.comSource: Maddox Hargett & Caruso