FINRA Says Rep's ETF Trades Cost Customers $8.4M
Law360, New York (August 15, 2017, 8:05 PM EDT) -- A former WFG Investments Inc. representative has agreed to be barred from the securities industry as a sanction for recommending trades in risky, nontraditional exchange-traded funds that caused $8.4 million in losses, according to a settlement filed Monday by the Financial Industry Regulatory Authority.
Jay Dee Jordan agreed to the bar without admitting or denying FINRA's findings that he recommended unsuitable transactions of leveraged and inverse exchange-traded funds that resulted in customer losses of $8.4 million, failed to report customer complaints to WFG Investments, and failed to produce requested documents, among other violations.
The settlement comes days after FSC Securities Corp....
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