Brokerages to offer restitution over REIT sales -Mass. regulator

BOSTON, Sept 4 Wed Sep 4, 2013 10:39am EDT

BOSTON, Sept 4 (Reuters) - Five independent brokerages will offer to pay investors an additional $10.8 million after a review of their procedures for the sale of real estate investment trusts, Massachusetts' top securities regulator said on Wednesday.

The round of restitution will bring to $21.7 million the total amount of money returned to investors over the sales, said the office of Massachusetts Secretary of State William Galvin in a statement. He had questioned the suitability of the securities for some investors like seniors.