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.
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(Reporting by Ross Kerber; Editing by Gerald E. McCormick)