A $150,000 fine has been issued against the NEXT Financial Group.
Secretary of the Commonwealth William F. Galvin’s Office announced on Thursday that the fine came after a consent order was filed by their Securities Division which stated that an investigation into NEXT, a Texas-based broker-dealer and investment adviser with an office in Bridgewater, was opened after the Division received a complaint from a retired veteran in July 2017.
The investigation determined that there were multiple sales of non-traded Real Estate Investment Trusts that exceeded NEXT’s own guidelines regarding the concentration of a customer’s liquid net worth in alternative investments.
It was also determined that these trusts were sold to investors over the age of 80, which is contrary to the company’s written supervisory procedures.
In addition to the fine, Galvin’s office says that NEXT is required to offer restitution to the Massachusetts residents who were sold unsuitable investments.
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December 27, 2019 at 09:07PM
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