The exchange-traded note (ETN) issued by Credit Suisse has caused a loss of US$11.1m after being ‘inappropriately’ recommended by an advisor on the Fidelity brokerage platform.

Four investors have filed a claim with the Financial Industry Regulatory Authority (Finra) against Fidelity Brokerage Services on 29 January for failing to protect them from the ‘reckless trading strategies’ of an advisor in their Fidelity brokerage accounts. The registered investment adviser (RIA) Chadwick & D’Amato LLC and its owner and now-barred representative Thomas Chadwick allegedly gained ‘free and unfettered’ reign to manage the claimants’ accoun