Feltl & Co., based in Minneapolis, paid a $1 million fine for alleged supervisory failures, among other things, while overseeing penny stock, and it has now replaced several executives, including it's general counsel, chief compliance officer, head trader, and a branch manager.
FINRA reported that Feltl also failed to comply with customer-suitability, disclosure, and record-keeping requirements. Feltl did not provide risk-disclosure documents to customers before trading penny stocks, which are considered to be high risk and speculative.
According to FINRA, Feltl solicited their clients to make at least 2,450 purchases of 17 penny stocks and received $2.1 million from the transactions. FINRA said it was unable to gauge the total number of trades because of their incomplete records.
If you've purchased high-risk penny stocks at the recommendation of your stock broker/financial advisor, please contact Soreide Law Group at (888) 760-6552 for a free consultation on how to potentially recover your losses. We represent clients nationwide before FINRA.
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