The US regulator has charged the RIA and its owner for investing clients’ funds in unsuitable equity-linked structured notes
The US Securities and Exchange Commission (SEC) has ordered an Arizona advisor to pay US$1.6 million in disgorgement and penalties for mis-selling structured notes, after proceedings against the firm and its owner. They have also been barred from the industry for at least three years. Vora frequently purchased the structured notes without notice, and when describing the investment to clients, Vora downplayed the possibility that they could lose most, if not all, of their principal