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Broker Who Sold Failed Securities Awarded $4.3M

Saturday, Sep 28 2013

News Roundup

Written by PFA News

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The Financial Industry Regulatory Authority has ruled that Los Angeles-based Wedbush Securities must pay an advisor $4.3 million who sold mortgage-backed securities that eventually failed. So reports Reuters.

The advisor argued that the firm failed to properly disclose risks associated with the securities and now has a tarnished record from clients who filed complaints against him after the securities failed.

Read the full article from Reuters.

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