FINRA ordered Stifel, Nicolaus and Century Securities Associates to pay fines and restitution totaling more than $1 million for allowing its advisors to make unsuitable recommendations of two types of highly risky ETFs to clients, and for failing to train and supervise its advisors on the complexities of the two funds.

FINRA alleged that between January 2009 and June 2013, advisors recommended leveraged and inverse ETFs, two products that, FINRA determined, the advisors did not understand.

Register or login for access to this item and much more

All On Wall Street content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access