Moloney Securities Co., Inc. (CRD #38535, Manchester, Missouri)
was censured and fined $20,000 for allegedly allowing their representatives to recommend and sell non¬traditional ETFs to their clients.
FINRA's report stated that Moloney Securities' Written Supervisory Procedures (WSPs) didn't address the sale or the supervision of non-traditional exchange traded funds (ETFs), and Moloney Securities did not conduct due diligence of non-traditional ETFs before allowing its brokers to recommend and sell them to their clients.
Despite the risk factors of non-traditional ETFs, Moloney Securities did not provide any training of brokers or supervisors.
Moloney Securities, according to the FINRA report, failed to establish and maintain a supervisory system for the sale of non-traditional.
(FINRA Case #2012034271801)
This ends the summation of information from FINRA's website under 'Disciplinary and Other Actions, June, 2014.'
Soreide Law Group believes that ETFs can highly speculative and risky investments that are not suitable for certain investors. If you suffered financial losses due to the recommendation of your broker/financial advisor in ETFs, call for a free consultation with an attorney at: (888) 760-6552.
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