Mass. Fines Ameriprise, Others $1M Over REIT Sales

Law360, New York (May 22, 2013, 1:53 PM EDT) -- Massachusetts on Wednesday said it has fined Ameriprise Financial Inc., a Lincoln National Corp. unit and three other independent brokerage firms a total of $975,000 and ordered $8.6 million in restitution payments to investors over the improper sale of nontraded real estate investment trusts.

Secretary of the Commonwealth William F. Galvin said that following investor complaints, an investigation revealed a pattern of impropriety in the sale of REITs by independent brokerage companies, which have been historically difficult to supervise.

REITs own and manage income-producing property or...
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