$1.36 MILLION AWARDED TO MILLER & MILOVE CLIENTS AGAINST LPL FINANCIAL IN NPV/DIRECT INVEST REAL ESTATE TENANT IN COMMON CASE
Miller & Milove is a leading investment fraud and securities law firm with principal offices located in California. We are comprised of experienced finance and business law attorneys focusing on the recovery of investor losses due to deceptive or fraudulent sales practices. Our firm possesses a reputation for excellence built on more than 26 years of professional representation of clients nationwide in complex high stakes investment related litigation, arbitration and mediation proceedings.
Feb 15, 2012 – The securities law firm of Miller & Milove recently represented elderly investors in a FINRA arbitration against LPL Financial. The Miller & Milove clients were awarded over $1.36 million due to alleged fraudulent real estate investments promoted by NPV Direct Invest and sold by LPL Financial. The Tenant in Common (TIC) real estate investments at issue - Direct Invest Heron Cove and Direct Invest Braintree Park - were created and managed by Boston and Maryland based Direct Invest and sold nationwide by securities broker-dealers LPL Financial, H & R Block Financial Advisors/Ameriprise Financial, Pacific West Securities, National Planning Corporation, Sagepoint Financial, INVEST Financial Corp., OMNI Brokerage, Sigma Financial, Welton Street Advisors, Regent Capital Group and other financial advisors and planners. Direct Invest is a former affiliate of Lehman Brothers.
The $1.36 million award is the largest reported recovery against Boston and San Diego-based LPL Financial, LLC. arising from the sale of real estate tenant in common (TIC) investments. From 2006 through 2008, LPL Financial and other financial advisors and brokers sold multiple NPV Direct Invest real estate investments as part of 1031 Exchanges, all of which are believed to have been misrepresented. Investors in all Direct Invest TIC investments, including Direct Invest North Parham, Heron Cove, Braintree Park, Omni Way, Clark’s Hill, Del Mar, International, Riverbend, Winding Brook and others are believed to have been exposed to identical or similar misrepresentations.
The securities law firm of Miller & Milove continues it’s investigation of LPL Financial and all Direct Invest offerings. (see NPV/DIRECT INVEST TIC PROPERTIES INVESTIGATION page).
