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.
Estimated reading time: 0 minutes, 19 seconds
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.