FINRA SANCTIONS FOUR FIRMS $9.1 MILLION OVER ETF SALES

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FINRA SANCTIONS FOUR FIRMS $9.1 MILLION OVER ETF SALES

According to a FINRA press release Morgan Stanley, UBS, Wells Fargo and Citigroup have all been fined by the financial regulatory authority.

For a year and a half, the firms did not have adequate systems in place to supervise the sale of leveraged and inverse ETFs.  FINRA also found that the firms did not conduct adequate due diligence in determining the risks and features of the ETFs.  The press release further stated that the firms kept investors in ETF holdings for much longer than they should have been in, especially with the volatile market during the relevant time period.


If you or someone you know has lost money as a result of an ETF investment, please contact Richard Frankowski at 205-747-1903 to discuss your potential legal remedies.

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