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Massachusetts Recovers Over $11 Million for Victims of Unsuitable REIT Sales

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The Financial Regulator for the Commonwealth of Massachusetts recently announced a settlement with five brokerage firms–Ameriprise Financial Services, Commonwealth Financial Services, Lincoln Financial Advisors, Securities America and Royal Alliance Associates–over the unsuitable sale of a particularly risky real estate investment trust referred to as a “non-traded REIT” due to the fact that this type of REIT has limited liquidity and cannot be freely sold on the open market.

Inland Real Estate Trust, Inc. ; Inland Western Real Estate Trust, Inc.; Inland American Real Estate Trust, Inc. ; Inland Diversified Real Estate Trust, Inc.

Massachusetts imposes stringent requirements on the sale of non-traded REITs to its residents and prohibits any investment exceeding 10% of the individual’s liquid net worth.

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