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The Boston Globe

Business

Secretary of State William Galvin charges LPL Financial with improper sales of non-traded REITs

Massachusetts Secretary of the Commonwealth William F. Galvin charged LPL Financial of Boston on Wednesday with failure to supervise agents who sold investments in non-traded real estate investment trusts, and with “dishonest and unethical” business practices.

A probe by the Securities Division, which Galvin oversees, found 597 transactions by Massachusetts residents in seven REITs with more than $28 million invested.

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