US regulator fines adviser for sales of unsuitable leveraged notes

The US Securities and Exchange Commission (SEC) will fully reimburse retail investors for losses on a leveraged oil-linked exchange-traded note (ETN) that registered representatives of Syracuse, New York-based broker-dealer and investment adviser Cadaret, Grant & Co. recommended without a reasonable basis. The SEC found that Cadaret Grant, president Arthur Grant, and senior vice president Beda Lee Johnson failed to supervise the firm's registered representatives who recommended that custome