According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Edward McFarlane, while registered with Oppenheimer & Co., allegedly recommended and effected approximately 169 unsuitable transactions involving inverse, leveraged and inverse-leveraged Exchange-Traded Funds (Non-Traditional ETFs) in the account of a customer. McFarlane’s recommendation was not suitable for the customer, as he had conservative investment objectives and minimal tolerance for risk. McFarlane held the non-traditional ETFs in the customer’s account for 470 days, despite the fact that they are not meant to be held for extended periods of time. As a result of this, the customer suffered $48,524.79 in losses. For his transgressions, Mr. McFarlane was suspended from the industry for two months and fined $5,000.
McFarlane was previously registered with SEI Investments Distribution, PBHG Fund Distributors, ICC Distributors, Deutsche Bank, Edward Jones, AG Edwards & Sons, Wachovia Securities and Oppenheimer & Co. in Jenkintown, Pennsylvania from September 2008 until February 2017. He is currently registered with International Assets Advisory in Orlando, Florida and has been since February 2017. He has one customer dispute against him. Please call our securities law firm today if you suffered losses with Mr. McFarlane. We may be able to help you bring a claim against Oppenheimer in the FINRA arbitration forum on a contingency fee basis. Please call today. The call is free with no obligation.
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