Exchange Traded Funds

Archive | Exchange Traded Funds

Hennion Walsh Fined For Failure To Supervise UITs

Hennion Walsh Inc. a broker dealer headquartered in Parsippany New Jersey has been censured and fined $165,000.00 by Financial Industry Regulatory Authority (FINRA) based upon the firm’s consent to findings that (1) Hennion Walsh’s registered representatives made unsuitable investment recommendations concerning the switching of unit investment trusts in customers’ accounts and (2) Hennion Walsh neglected […]

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LPL Sued By Investors For Wrongful ETF Strategy

Cory Ryan Burnell of Valley Springs California a stockbroker formerly registered with LPL Financial LLC and investment adviser representative of Blueprint Wealth Partners LLC is the subject of a customer initiated investment related arbitration claim where the customer sought $500,000.00 in damages based upon allegations that Burnell was responsible for the bad investment recommendations pertaining […]

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Ameriprise Sued By Investor For Breach Of Fiduciary Duty

Scott Allen Edwards of Minneapolis Minnesota a stockbroker currently registered with Ameriprise Financial Services Inc. is the subject of a customer initiated investment related arbitration claim in which customers were awarded $13,652.29 in compensatory damages based on Edwards having been found liable on the customers’ claims that (1) Edwards negligently transacted in the customers’ accounts […]

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Stockbroker Misconduct Continues to Plague Investors

The Financial Industry Regulatory Authority released its 2018 Examination Report, showing the areas in which the regulator has taken  some form of enforcement action against brokerage firms to prevent them from taking advantage of their customers, and to “better protect investors and maintain the integrity of the markets.” The Recommendation of Unsuitable Investments First, on […]

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National Planning Corporation Accused Of Negligence

Patricia Ann Lloyd of Phoenix Arizona a former National Planning Corporation stockbroker and investment adviser representative is referenced in a customer initiated investment related arbitration claim which was resolved for $96,000.00 in damages supported by accusations that (1) contractual obligations to the customer had been breached (2) the customer’s account was transacted upon in a […]

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FINRA Bars Financial West Group Broker For Churning

John Scott Simoncic of Reno Nevada a stockbroker formerly employed by Financial West Group has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that (1) Simoncic made exchange traded fund recommendations that were not suitable for customers (2) Simoncic effected excessive exchange traded […]

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LPL Blamed By Investor For Omitting ETF Risks

October 22, 2018  |   Posted by :   |   Exchange Traded Funds, Stockbroker Fraud News   |   0 Comments

Jordan P. Rider of Overland Park Kansas a stockbroker currently registered with LPL Financial LLC and representative of V Wealth Management is referenced in a customer initiated investment related written complaint which was resolved for $125,000.00 on August 28, 2017 supported by accusations that Rider (1) executed trades in the customer’s account that were not […]

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Liberty Partners Sued For Inappropriate ETF Trading

October 22, 2018  |   Posted by :   |   Boilerroom, Exchange Traded Funds, Stockbroker Fraud News   |   0 Comments

Andrew Jonathan Tressler of Holbrook New York a stockbroker formerly registered with Liberty Partners Financial Services LLC is the subject of a customer initiated investment related arbitration claim in which the customer sought $173,535.00 in damages based upon accusations that Tressler placed the customer in stock and over-the-counter equities that were not suitable for the […]

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Wells Fargo Advisors Stockbroker Barred By FINRA

Mathew D. Webster of Syracuse New York a stockbroker formerly employed by Wells Fargo Advisors LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that he failed to honor FINRA’s request for his information. Case No. 2016051007901 (Sept. 11, 2017). FINRA Public Disclosure confirms […]

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Mutual Securities Sued For Breach Of Fiduciary Duty

Jacob Ray Kagele of Tuscon Arizona a stockbroker and investment adviser representative formerly registered with Mutual Securities Inc. is the subject of a customer initiated investment related arbitration claim which was resolved for $57,825.00 in damages based upon accusations that Kagele (1) executed exchange traded fund transactions in the customer’s account that were not suitable […]

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Investors Sue Cherry Hill Stockbroker For Misconduct

Andrew Jack Cohen of Cherry Hill New Jersey a stockbroker currently employed by Questar Capital Corporation is the subject of a customer initiated investment related arbitration claim in which the customer requested $500,000.00 in damages founded on allegations of (1) breach of fiduciary duty (2) violation of Pennsylvania Unfair Trade Practices and Consumer Protection Law […]

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Investors Sue Raymond James For Securities Fraud

Joseph Eldon Johnson of North Riverside Illinois a stockbroker currently registered with Raymond James Financial Services Inc. is referenced in a customer initiated investment related arbitration claim where the customer requested $50,000.00 in damages supported by accusations of sales practice violations relating to exchange traded funds including (1) negligence (2) breach of fiduciary duty (3) […]

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Morgan Stanley Broker Charged for Non Traditional ETF Sales

Randall Robert Hayes (also known as Randy Hayes) of Seattle Washington a stockbroker formerly registered with Morgan Stanley is the subject of a State of Washington Department of Financial Institutions Securities Division Statement of Charges in which Hayes has been accused of making unsuitable recommendations to customers concerning investments in leverage and inverse exchange-traded funds. […]

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FINRA Fines Legend Securities Broker For Suitability

March 22, 2018  |   Posted by :   |   Exchange Traded Funds, Stockbroker Fraud News, Suitability   |   0 Comments

Michael Scott Androulakis of New York New York is a stockbroker formerly registered with Legend Securities Inc. who has been fined $5,000.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by consenting to findings that he made unsuitable investment recommendations to customers concerning non-traditional […]

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Customer Accuses Legend Securities Of ETF Suitability

March 16, 2018  |   Posted by :   |   Exchange Traded Funds, Stockbroker Fraud News   |   0 Comments

Yevgeniy G. Akilov of Staten Island New York is a stockbroker formerly employed by Legend Securities Inc. who is the subject of a customer initiated investment related written complaint on March 1, 2016 in which the customer requested $15,165.90 in damages founded on allegations that unsuitable exchange traded fund and over-the-counter equities transactions were placed […]

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Capital City Securities Fined For Failure To Supervise

December 15, 2017  |   Posted by :   |   Exchange Traded Funds   |   0 Comments

Capital City Securities, LLC, a brokerage firm headquartered in Columbus, Ohio, has been censured and fined $15,000.00 from by Financial Industry Regulatory Authority (FINRA) by way of the firm’s consent to findings that the firm failed to supervise sales of exchange traded funds. Letter of Acceptance, Waiver and Consent, No. 2014039216101 (Dec. 5, 2017). According […]

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VSR Financial Sued By Customer For Negligence

December 15, 2017  |   Posted by :   |   Exchange Traded Funds   |   0 Comments

Dennis David Rasmusson, of Peoria, Arizona, a stockbroker currently registered with Berthel, Fisher & Company Financial Services, Inc., is the subject of a customer initiated investment related arbitration claim, which settled for $15,000.00 in damages based upon accusations that Rasmusson breached his contractual duties, made misrepresentations to the customer, negligently handled the customer’s investment account, […]

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Customer Sues Morgan Keegan For ETF Funds

November 20, 2017  |   Posted by :   |   Exchange Traded Funds   |   0 Comments

John James McLaughlin IV, of Ponte Vedra Beach, Florida, a stockbroker formerly registered with Morgan Keegan & Company, Inc., is subject of a customer initiated investment related arbitration claim that settled for $6,500.00 in damages, which was founded on allegations including suitability, omissions and misrepresentation, breach of fiduciary duty, breach of contract and negligence in […]

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H Beck Fined For Failure To Supervise Exchange Traded Funds

October 05, 2017  |   Posted by :   |   Exchange Traded Funds   |   0 Comments

H. Beck, Inc., a brokerage firm headquartered in Bethesda, Maryland, has been censured and fined $50,000.00 by Financial Industry Regulatory Authority (FINRA) based on accusations that it failed to supervise non-traditional exchange traded fund recommendations made by stockbroker James Dresselaers, wherein Dresselaer’s recommendations were not suitable for a customer and caused the customer to incur […]

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CFP Investments Fined For Failure To Supervise ETFs

September 15, 2017  |   Posted by :   |   Exchange Traded Funds, Stockbroker Fraud News   |   0 Comments

CFD Investments, Inc., a broker-dealer headquartered in Kokomo, Indiana, has been censured and fined $30,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm failed to supervise non-traditional exchange traded fund transactions effected by the firm’s registered representatives in customer accounts. Letter of Acceptance, Waiver and Consent, No. 2014039216501 (Sept. […]

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Regulator Fines FSC Securities Corporation

August 17, 2017  |   Posted by :   |   Exchange Traded Funds, Inverse Leveraged ETF Funds   |   0 Comments

FSC Securities Corporation, a broker-dealer headquartered in Atlanta, Georgia, has been censured and fined $100,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm failed to supervise sales of leveraged, inverse, or inverse and leveraged exchange traded funds and enabled its staff to make unsuitable investment recommendations of exchange traded […]

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Santander Securities Sued For Misrepresentation

July 29, 2017  |   Posted by :   |   Exchange Traded Funds, Stockbroker Fraud News   |   0 Comments

Willie L. Vales, of Conshohocken, Pennsylvania, a stockbroker formerly registered with Santander Securities LLC, is the subject of a customer initiated investment related arbitration claim on February 27, 2017, based upon allegations including violation of securities laws, breach of contract, breach of fiduciary duty, over-concentration, and misrepresentation pertaining to exchange traded funds effected in the […]

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Coastal Equities Sanctioned For Failure To Supervise

Coastal Equities, Inc., a brokerage firm headquartered in Wilmington, Delaware, has been censured and fined $15,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm did not properly supervise the sale of non-traditional exchange traded funds. Letter of Acceptance, Waiver and Consent, No. 2014041310602 (June 9, 2017). According to the AWC, […]

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Fifth Third Securities Sued First By Customer

June 13, 2017  |   Posted by :   |   Exchange Traded Funds, Stockbroker Fraud News   |   0 Comments

Kelly G. McClain, of Louisville, Kentucky, a stockbroker currently registered with Fifth Third Securities, Inc., has been named in a customer initiated investment related written complaint on April 19, 2017, in which the customer requested $32,000.00 in damages based upon allegations that she failed to properly explain the terms and conditions of exchange traded fund […]

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LPL Financial Sued In Arbitration For Unsuitability

Michael Alexander Hanson, of La Mirada, California, a stockbroker formerly registered with LPL Financial LLC, has been named in a customer initiated investment related arbitration claim on May 5, 2017, in which the customer requested $520,000.00 in damages based upon allegations that he effected unsuitable transactions in the customer’s account concerning inverse levered exchange traded […]

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Former Oppenheimer Broker Suspended For Unsuitable Exchange Traded Funds

Edward T. McFarlane, a broker formerly in Oppenheimer’s Jenkintown, Pennsylvania branch office, in a Letter of Acceptance, Waiver & Consent, has agreed to serve a suspension and pay a fine relating the unsuitable Exchange Traded Funds (“ETFs”) he recommended to a customer. Between December 2010 and June 2012 McFarlane recommended 169 unsuitable trades in inverse, […]

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SEC Charges Former PHX Financial Stockbroker Demitrios Hallas

Demitrios Hallas, a former registered representative of Forefront Capital Markets and and PHX Financial was charged today by the United States Securities & Exchange Commission with the violation of the antifraud provisions of the federal securities laws in connection with the recommendation and sale of unsuitable securities.  United States Securities & Exchange Commission v. Hallas, […]

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Ameritas Investment Corp Named In FINRA Arbitration

Thomas Benjamin Carreras, of West Palm Beach, Florida, a stockbroker currently registered with Ameritas Investment Corp., has been named in a customer initiated investment related arbitration claim, which settled on February 27, 2017, for $8,500.00 in damages based upon allegations that Carreras transacted in the customer’s account in a negligent fashion, breached his fiduciary and […]

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UBS Financial Services Sued For Failure To Supervise

David Howard Bigler, a stockbroker currently registered with UBS Financial Services Inc., has been named in a customer initiated investment related arbitration claim on February 2, 2017, in which the customer requested $21,000,000.00 in damages based upon allegations that between 2013 and 2016, UBS Financial Services Inc. failed to supervise Bigler’s activities concerning the customer’s […]

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Independent Financial Group Named In Customer Arbitration

Lyle J Boudreaux, of Houston, Texas, a stockbroker currently registered with Independent Financial Group, LLC, has been named in a customer initiated investment related written complaint on January 27, 2017, in which the customer requested $120,000.00 in damages based upon allegations that Boudreaux was liable for losses sustained by the customer in reference to exchange […]

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Raymond James Sued by Customer For Misconduct

Todd Douglas Ryman, of Atlanta, Georgia, a stockbroker formerly registered with Raymond James & Associates, Inc., has been named in a customer initiated investment related written complaint on February 15, 2017, in which the customer requested $300,000.00 in damages based upon allegations that Ryman committed securities related misconduct in reference to the customer’s transactions regarding […]

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Royal Alliance Associates Sued For Unsuitable Recommendations

Bill Alfons Holubec, of Des Moines, Iowa, a stockbroker formerly registered with Royal Alliance Associates, Inc., has been named in a customer initiated investment related arbitration claim on January 9, 2017, in which the customer requested $500,000.00 in damages based upon allegations that Holubec effected unsuitable transactions in the customer’s account and made misrepresentations to […]

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Caldwell International Securities Stockbroker Barred In Investigation

February 13, 2017  |   Posted by :   |   Exchange Traded Funds, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Ricardo Francois, of New York, New York, a stockbroker formerly registered with Caldwell International Securities, has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to respond to a FINRA information request. Letter No. 2015043464602 (October 30, 2015). Prior to […]

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National Securities Named In FINRA Arbitration Involving ETFs

James Bryant Eichner Junior, of New York, New York, a stockbroker currently registered with National Securities Corporation, has been named in a customer initiated investment related arbitration claim on June 30, 2015, in which the customer requested $500,000.00 in damages based upon allegations that Eichner negligently handled the customer’s investment account and breached his fiduciary […]

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UBS Financial Services FINRA Securities Arbitration Alleging Unauthorized Trading

Bradley Joseph Ross, of Fort Lauderdale, Florida, a stockbroker with UBS Financial Services Inc., has been named in a customer initiated investment related arbitration claim on May 19, 2016, in which the customer requested $99,000.00 in damages based upon allegations that Ross effected unauthorized trades and overconcentrated the customer’s assets in exchange traded funds, mutual […]

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Morgan Stanley Smith Barney Named In Customer Churning Claim

January 19, 2017  |   Posted by :   |   Churning, Exchange Traded Funds, Stockbroker Fraud News   |   0 Comments

Christopher J. Cowans, a stockbroker formerly registered with Morgan Stanley Smith Barney, has been named in a customer initiated investment related arbitration claim on December 11, 2015, in which the customer has requested $600,000.00 in damages based upon allegations that between March of 2011 and December of 2013, Cowans effected excessive transactions in the customer’s […]

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Capital One Investing LLC Censured For Failure to Supervise

January 03, 2017  |   Posted by :   |   Exchange Traded Funds, Failure To Supervise   |   0 Comments

Capital One Investing, LLC, a broker-dealer headquartered in Seattle, Washington, was censured and fined $500,000.00 by Financial Industry Regulatory Authority (FINRA) based upon consenting to findings that the firm, inter alia, did not provide customers with required notifications pertaining to suitability determinations, and failed to supervise distributions of required notices to customers. Letter of Acceptance, […]

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1st Discount Brokerage Fined For Failure To Supervise ETF Sales

1st Discount Brokerage, headquartered in Lake Worth, Florida, was censured and fined by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm failed to create and implement adequate supervision protocols and systems pertaining to non-traditional exchange traded funds, and failed to provide reasonable supervision pertaining to non-traditional exchange traded fund sales. Letter […]

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Wells Fargo Advisors Stockbroker Suspended For Unsuitable Recommendation

Robert James Batchen, of Skokie, Illinois, a stockbroker formerly registered with Wells Fargo Advisors, LLC, was fined $15,000.00 and suspended for five months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he effected unauthorized discretionary trades and unsuitable transactions in a customer account. Letter of […]

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GF Investment Services Stockbroker Charged With Unsuitable Recommendations

August 17, 2016  |   Posted by :   |   Exchange Traded Funds, Stockbroker Fraud News, Suitability   |   0 Comments

Richard William Lunn Martin, of Penang, Malaysia, was charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that Martin made unsuitable recommendations to customers, and false and misleading statements to customers regarding investments. Department of Enforcement v. Richard William Lunn Martin, No. 2013035817701 (June 27, 2016). According to the Complaint, from […]

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Oppenheimer Fined For Failing To Supervise Exchange Traded Fund Sales

Oppenheimer & Co., Inc., headquartered in New York, New York, was censured and fined $2,250,000.00 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm failed to properly supervise exchange traded funds. Letter of Acceptance, Waiver and Consent, No. 2012034556901 (June 7, 2016). According to the AWC, from August 4, 2009 through September […]

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Infinex Investments Stockbroker Suspended For Unauthorized Trading

Christopher J. Elliott, of Washington, District of Columbia, a stockbroker with Infinex Securities, Inc., was fined $7,500.00 and suspended for two years from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he engaged customers in unsuitable recommendations and acted with unauthorized discretion in customers’ accounts. Letter […]

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Alton Securities Chief Executive Officer Suspended for Failure to Supervise

Matthew D. Maberry, of Alton, Illinois, was fined $10,000.00, suspended from association with any Financial Industry Regulatory Authority (FINRA) member in any capacity, and ordered to pay restitution of $38,445 after consenting to findings that he failed to supervise non-traditional exchange traded funds and made unsuitable recommendations to customers. Letter of Acceptance, Waiver and Consent, […]

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Wells Fargo Advisors Stockbroker Charged with Obstruction

Katherine Lapidoth of Aventura, Florida, a stockbroker with Wells Fargo Advisors, has been suspended for two years from association with any Financial Industry Regulatory Authority (FINRA) member and fined $15,000 in connection with an Office of Hearing Officers Order Accepting Offer of Settlement that contained findings that Lapidoth provided false information to regulators and failed to […]

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Wells Fargo Advisors Broker Obstructs Investigation

Katherine Lapidoth of Aventura, Florida, a registered representative with Wells Fargo Advisors, has been charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging that Lapidoth had provided false information to regulators and failed to comply with a FINRA investigation into her potential misconduct. Department of Enforcement v. Lapidoth, No. 2013039650502 […]

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GMS Group Supervisor Suspended for Role in Unsuitable and Unauthorized Transactions

Carmine C. Capone from Boca Raton, Florioda, a principal with GMS Group, LLC, was suspended in all capacities from association with a Financial Industry Regulatory Authority (FINRA) member in all principal capacities for thirty days and fined $10,000 after consenting to findings that he failed to adequately supervise the sales practices of Jason L. Figueroa, […]

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GMS Group Stockbroker Barred for Unsuitable and Unauthorized Trading

Jason L. Figueroa of Boca Raton, Florida, a stockbroker with GMS Group, LLC, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he had recommended and engaged in unsuitable trading in nontraditional ETFs in customer accounts, while exercising discretion without prior written authority […]

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Wells Fargo Advisor Stockbroker Suspended for Unsuitable Recommendations

Jeffrey D. Daggett, a Stockbroker with Wells Fargo Advisors, received a four-month suspension from association with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity, as well as a $20,000.00 fine after consenting to findings that he recommended unsuitable transactions in exchange trade notes, as well as leveraged and inverse leveraged exchange traded […]

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Lombard Securities Fails to Supervise Mutual Funds and Non-Traditional ETFs

Lombard Securities Incorporated was charged by Financial Industry Regulatory Authority (FINRA) in a Complaint alleging that the firm failed to meet a myriad of supervisory responsibilities including written supervisory procedures designed to supervise the sale of leveraged, inverse, and inverse-leveraged exchange traded funds, prevent unsuitable mutual fund switching, and apply sales charge discounts to customers’ […]

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LPL Fined $10M For Supervisory Failures

LPL Financial LLC, a FINRA member since 1973 headquartered in Boston, MA, conducts general securities business via 18,343 registered reps operating out of roughly 10,702 registered branch offices and 18,396 non-registered office locations. The firm was censured and fined $10M after consenting to FINRA’s findings concerning the firm’s failure(s) to adequately supervise ETF, variable annuity, […]

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Bolton Global Capital fined for Failure to Deliver Prospectuses to ETF Investors

Bolton Global Capital, Inc., a FINRA member since 1984 headquartered in Bolton, MA, conducts general securities business, including mutual funds, bonds, stocks, options, and variable annuities, via 115 of the Firm’s registered representatives within 53 of the Firm’s branch offices. The Firm was censured and fined $35,000 in connection with allegations the Firm had failed […]

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First Southwest Company Censured and Fined $450,000 for Prospectuses and Supervisory Violations

August 03, 2015  |   Posted by :   |   Exchange Traded Funds, Stockbroker Fraud News   |   0 Comments

First Southwest Company, a FINRA registered broker-dealer since 1946 headquartered in Dallas, TX, offers a variety of investment services along with providing clearing services to 78 correspondent firms. The Firm was just recently censured and fined $450,000 after it accepted and consented to FINRA’s findings that the Firm had failed to deliver Exchange Traded Fund […]

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Judge Dismisses Proshares Trust Securities Litigation

September 18, 2012  |   Posted by :   |   Exchange Traded Funds, Stockbroker Fraud News   |   0 Comments

On September 10, 2012, Judge Koeltl of the United States District Court for the Southern District of New York dismissed a class action complaint against ProShares based upon the sale of its inverse and leveraged ETF funds. ProShares created and operated three types of ETFs: “Inverse ETFs,” the goal of which was for the net asset […]

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