FINRA Slaps Fines on Bankers for Leverage/Inverse ETFs
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FINRA today announced that it was fining four banks $9.1 million, claiming they failed to provide a reasonable basis for recommending certain leverage/inverse ETFs.
According to FINRA, investors have had difficulties because of the daily reset, leverage and compounding of these ETFs, which can be much different than a standard ETF and confusing to investors.
The banks that were sanctioned include Citigroup Global Markets, Morgan Stanley & Co., UBS Financial Services, and Wells Fargo Advisors.
According to FINRA, investors have had difficulties because of the daily reset, leverage and compounding of these ETFs, which can be much different than a standard ETF and confusing to investors.
The banks that were sanctioned include Citigroup Global Markets, Morgan Stanley & Co., UBS Financial Services, and Wells Fargo Advisors.
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