National Planning Corp. to pay $3.9M to Mass. investors
National Planning Corp., one of the ten largest independent broker-dealers , has reached a $3.9 million settlement with Massachusetts to reimburse a set of elderly investors in the state who lost money from investments that an NPC adviser allegedly described as safe.
National Planning Corp., one of the ten largest independent broker-dealers , has reached a $3.9 million settlement with Massachusetts to reimburse a set of elderly investors in the state who lost money from investments that an NPC adviser allegedly described as safe.
According to a document released by the Massachusetts secretary of state William Galvin’s securities division yesterday, former NPC adviser Robert Blaisdell—who was charged with fraud in July—allegedly sold elderly investors promissory notes he described as essentially risk-free and guaranteed.
Mr. Galvin’s office was conducting an investigation into NPC’s supervision of Mr. Blaisdell. NPC agreed to the settlement, which was officially reached on Monday, without officially admitting or denying any wrongdoing.
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