Soreide Law Group obtained the following information from FINRA’s Disciplinary Report from July 2017:
Edward Thomas McFarlane (CRD #2492335, Glenside, Pennsylvania)
was fined $5,000 and suspended by FINRA for two months for allegedly recommending and effecting unsuitable transactions involving inverse, leveraged, and inverse-leveraged exchange-traded funds (non-traditional ETFs) in clients’ accounts.
FINRA’s findings stated that the non-traditional ETFs that McFarlane recommended did not conform with the client’s financial situation, conservative investment objectives and minimal risk tolerance.
Edward Thomas McFarlane allegedly held the non-traditional ETFs in the client’s accounts for as long as 470 days with an average holding period of 40 days, despite the fact that these non-traditional ETFs were short-term trading vehicles not meant to be held for extended periods.
Allegedly, as a result of these transactions, the client suffered total losses of approximately $48,524.79. McFarlane’s member firm paid restitution to the client for the losses.
The FINRA suspension is in effect from June 19, 2017, through August 18, 2017.
(FINRA Case #2016050393901)
According to FINRA’s BrokerCheck, there are 3 disclosures on McFarlane’s report. According to the report, McFarlane allegedly sent email correspondence to a number of clients without prior management approval and was discharged from Oppenheimer in February of 2017.
Edward Thomas McFarlane has been registered in the securities industry for 18 years and was listed with 9 firms. He is currently listed with:
INTERNATIONAL ASSETS ADVISORY, LLC
390 North ORANGE AVE. SUITE 750
ORLANDO, FL 32801
Edward Thomas McFarlane was previously listed with:
09/26/2008 - 02/23/2017 OPPENHEIMER & CO. INC. - JENKINTOWN, PA
If you suffered losses in non-traditional ETFs recommended by Edward Thomas McFarlane formerly with Oppenheimer and currently with International Assets Advisory, call Soreide Law Group for a no-cost consultation regarding the possible recovery of your losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group represents clients before FINRA nationwide and we operate on a contingency fee basis. Let our years of experience work for you.
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