Gary Chackman, a long time LPL broker, was barred from the financial industry by the Financial Industry Regulatory Authority, Inc. (FINRA) for abusive sales practices involving nontraded real estate investment trusts (REITs). According to FINRA, Chackman falsified documents to effectuate the improper REIT sales. By falsifying the documents, Chackman enjoyed the benefit of the typically high (7%) commission paid on nontraded REITS.
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