Finra orders Oppenheimer & Co. to pay $2.9M for unsuitable sales of nontraditional ETFs
More than 30,000 non-traditional ETF transactions, totaling approximately $1.7 billion, were carried out by Oppenheimer representatives, according to the regulator.
Finra has hit Oppenheimer & Co. Inc. with a $2.25 million fine and ordered the firm to pay more than $716,000 to affected customers for selling leveraged, inverse and inverse-leveraged exchange-traded funds without reasonable supervision, and for recommending unsuitable non-traditional ETFs.
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