FINRA Slaps Stifel, Century Securities With $1M Fines

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.

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Comments (1)
This is a lesson both for the investors as well as finance firms. In their zealousness to push financial products, financial outfits go all out to sell structured products which are beyond the understanding of a layman. It requires a great deal of financial acumen and literacy to actually understand these products especially if it involves any derivatives. The moral of the story is" If it is too good to be true, it probably is. If it cannot be explained in simple terms, avoid it."
Posted by KIMMY B | Friday, January 17 2014 at 8:28AM ET
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