US broker charged with leverage ETF/ETN fraud

The US Securities and Exchange Commission (SEC) charged yesterday a former broker with 'knowingly or recklessly' trading unsuitable investment products in the accounts of five customers and misappropriating more than US$170,000 from one of those customers. Demitrios Hallas repeatedly traded unsuitable investments in his customers' accounts, according to the SEC's complaint, thereby exposing customers who were unsophisticated with limited or no investing experience and modest incomes, net worth