A former Morgan Keegan registered rep agreed to be barred permanently from the industry for putting 10 of his middle-class clients into “unsuitable” investments –- highly leveraged ETFs, regulators said.

According to FINRA, Michael Venable of Tyler, Texas, made unsuitable investments for “unsophisticated clients with conservative investment objectives and risk profiles” by putting them in Direxion ETFs, some of which short various market segments. Half of those accounts traded Direxion on margin -- a fact many of the investors had not been told about. The investors ranged in age from 40 to 91, some with incomes as low as $25,000.

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