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Company Overview of North American Securities Administrators Association, Inc.
North American Securities Administrators Association Inc. (NASAA) is a voluntary association focusing on investor protection. The association protects and informs investors and investment advisors in the areas of capital development, blue sky regulations, and invetment scams. NASAA was founded in 1919 and is based in Washington, District of Columbia.
10 G Street, N.E.
Washington, DC 20002
Founded in 1919
Key Executives for North American Securities Administrators Association, Inc.
Director of Communications
Compensation as of Fiscal Year 2015.
North American Securities Administrators Association, Inc. Key Developments
State Securities Regulators Announce Settlement with LPL Financial LLC Involving Non-Traded REIT Investigation
Sep 23 15
The North American Securities Administrators Association announced LPL Financial LLC and the NASAA Non-Traded REIT Task Force have concluded a settlement in connection with an investigation of LPL's failure to implement an adequate supervisory system regarding its sale of non-traded REITS and its failure to enforce its written procedures regarding the sale of non-traded REITS. Under the terms of the settlement, LPL agreed to remediate losses for all non-traded REITS sold by the firm from January 1, 2008 through December 31, 2013 in violation of prospectus standards, state concentration limits or LPL's own guidelines. LPL agreed to retain an independent third party to review and verify its executed sales transactions for violations during this period, believed to be more than 2,000. LPL will make offers of remediation upon completion of the third-party review. The settlement is the result of a multi-state investigation of the firm led by the Nevada Secretary of State Securities Division. The investigation concluded that LPL, through its agents, sold non-traded REITS in excess of the REIT's prospectus standards, various state concentration limits or LPL's Alternative Investment Guidelines. The investigation also found that LPL failed to implement a supervisory system that was reasonably designed to achieve compliance with state law. In addition to remediating investor losses, LPL also agreed to pay civil penalties of $1.425 million to be distributed among 48 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands.
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