Concorde Investment Services Fined over Non-Traded REITs
The New Hampshire Bureau of Securities Regulation recently fined Concorde Investment Services, LLC. Here are the details:
- Investors were unlawfully charged advisory fees so the agent could “manage” non-traded REITs. This fee should not have been charged because non-traded REITs do not need to be managed.
- Concorde Investment Services employed an agent that defrauded clients by over-charging them and lying about their registration status.
- The agent also made changes to client account forms without client’s permission of knowledge.