$1.36 MILLION AWARDED TO MILLER & MILOVE CLIENTS AGAINST LPL FINANCIAL IN NPV/DIRECT INVEST REAL ESTATE TENANT IN COMMON FRAUD CASE
Feb 15, 2012 – The securities law firm of Miller & Milove recently represented elderly investors in a FINRA arbitration against LPL Financial arising from fraudulent real estate investments. The Miller & Milove clients were awarded over $1.36 million arising from the fraudulent real estate investments promoted by NPV Direct Invest and sold by LPL Financial. The Tenant in Common (TIC) real estate investments at issue were products managed by Boston and Maryland based Direct Invest and sold nationwide by LPL Financial, Pacific West Securities, Sagepoint Financial, INVEST Financial Corp., OMNI Brokerage, Welton Street Advisors, Regent Capital Group and other financial advisors and planners.
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 be misrepresented. Investors in all Direct Invest TIC investments 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).
