Brokers Pay $11M More Over Mass. REIT Sale Errors

Law360, New York (September 4, 2013, 8:15 PM EDT) -- Massachusetts regulators reportedly said Wednesday that five independent brokerage firms will return roughly $10.7 million to investors who were sold nonexchange-traded real estate investment trusts in violation of state law, building on a previous agreement over the same alleged improprieties.

The brokerages were already ordered in May to pay $975,000 in fines and $8.6 million in restitution by the Massachusetts Securities Division, but the deal also required them to review their records for additional instances of wrongdoing and pay restitution accordingly.

REITs own and manage income-producing...
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