Clients awarded $1.3 million over unsuitable ETFs

A U.S. couple was awarded $1.3 million this week over the sale of unsuitable ETFs.

FINRA says the two clients were working with a Wells Fargo advisor, who invested them in multiple high-risk, leveraged ETFs without disclosing the associated risks.

Blogger Bill Singer says the regulator’s online records reveal the rep and firm also approved unsuitable loans using their securities accounts as collateral.

The couple sought $1.9 million to cover their losses, damages and fees paid. Read more.

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