Recently, Feltl & Company, based in Minneapolis, Minnesota, was censured and fined $225,000 and made to make restitution to customers in the amount of approximately $13,000. According to Feltl & Company’s Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Feltl failed to establish and maintain a supervisory system reasonably designed to ensure that its sales of leveraged and inverse exchange-traded funds complied with applicable securities laws and FINRA rules. FINRA also alleged that it made unsuitable recommendations of those products to customers. In September 2014, Feltl and FINRA entered into a separate AWC that imposed a censure and fine of $1 million on the firm. FINRA found multiple failures by Feltl between 2008 and 2012 concerning supervision of transactions in penny-stock securities and annual testing and verification of supervisory procedures. This had to do with the sale of unit investment trusts (UITs).
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