The US Securities and Exchange Commission (SEC) has charged three investment advisory firms along with two dual registered broker-dealers and advisories with violations concerning the sales of complex exchange-traded products (ETPs) to retail investors.
The five separately filed actions against American Portfolios Financial Services/American Portfolios Advisors Inc., Benjamin F. Edwards & Company Inc., Royal Alliance Associates Inc., Securities America Advisors Inc., and Summit Financial Group Inc. will result in a return of US$3m to harmed customers. The charges concern the sales of volatility linked ETPs that attempted to track short-term volatility expectations in the market, which are usually measured agai
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