The US Financial Industry Regulatory Authority (Finra) and the Securities & Exchange Commission (SEC) have charged and fined a securities brokerage and a hedge fund for inadequate use of structured notes.
The US Financial Industry Regulatory Authority (Finra) has censured and fined Newbridge Securities US$225,000 for having failed to adequately supervise the sale of complex securities such as structured notes and leveraged, inverse and inverse-leveraged exchange-traded funds (ETFs). In addition, Finra imposed a fine of US$5,000 on Bruce Jordan, the firm's director of investment banking, and suspended him for two months for his failure to properly supervise the sale of the securities. In a lette
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