The Financial Industry Regulatory Authority Inc. has censured Indianapolis-based Sanctuary Securities, known as David A. Noyes & Co. until March 2020, for failure to supervise the sales of inverse and leveraged exchange-traded funds.
Finra also imposed a $160,000 fine and required restitution of $370,161.39 plus interest.
In a letter of acceptance, waiver and consent, Finra said that from Jan. 1, 2014, through Dec. 31, 2018, Sanctuary’s supervisory system was not sufficiently tailored to address the unique features and risks of these ETF products.
In addition, Finra found that from January 2017 through January 2019, the firm failed to review and evaluate the outside business activities of approximately 15 of its registered representatives.
From January through December 2018, the firm also distributed sales materials in connection with three private placement offerings that contained prohibited performance projections, and from June 2018 through June 2019, it failed to file offering documents with Finra related to eight private placements that were sold by the firm’s registered representatives.
Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.
Reshuffle provides strong indication of where the regulator's priorities now lie.
Goldman Sachs Asset Management report reveals sharpened focus on annuities.
Ahead of Father's Day, InvestmentNews speaks with Andrew Crowell.
Cerulli research finds nearly two-thirds of active retirement plan participants are unadvised, opening a potential engagement opportunity.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today’s choppy market waters, says Myles Lambert, Brighthouse Financial.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
