The Financial Industry Regulatory Authority (FINRA) recently brought a regulatory action against ProEquities. FINRA accused ProEquities of failing to supervise the sales of non-traditional ETFs, failing to supervise the dissemination of consolidated report, failing to supervise variable annuity switching and failing to properly supervise the investment advisory conduct of certain advisors. FINRA alleged that the firm failed to have procedures in place to adequately supervise the sales of inverse and leveraged ETFs, from 2008 to April 2012. The firm agreed to pay a $200,000 fine. ETFs can be very risky investments, not suitable for all investors. A brokerage firm can be responsible for investor losses if it allows for its brokers to sell unsuitable securities to its clients.
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