{"id":1356,"date":"2013-12-10T12:26:59","date_gmt":"2013-12-10T12:26:59","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2013\/12\/finra_orders_jp_turner_to_pay"},"modified":"2022-03-11T08:54:54","modified_gmt":"2022-03-11T14:54:54","slug":"finra-orders-jp-turner-to-pay","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/finra-orders-jp-turner-to-pay\/","title":{"rendered":"FINRA Orders J.P. Turner to Pay $707,559 in Exchange-Traded Fund Restitution to 84 Clients"},"content":{"rendered":"

\t\t\t\tThe Financial Industry Regulatory Authority Inc. says that J.P. Turner & Co. has to pay restitution of $707,559 to 84 clients over the sale of inverse and leveraged ETFs that were unsuitable for them, as well as for excessive mutual fund switches. The SRO says that the broker-dealer did not set up and keep up a supervisory system that was reasonable but instead oversaw inverse and leveraged ETFs the same way it did traditional ones. It also accuses the financial firm of providing inadequate training regarding ETFs. By settling, J.P. Turner is not denying or admitting to the charges. <\/p>\n

Leveraged and Inverse Exchange Traded-Funds<\/strong><\/p>\n

Inverse and leveraged ETFs “reset” every day. They are supposed to meet their objectives daily so their performance can rapidly diverge from that of the benchmark or underlying index. Unfortunately, even if long-term index performance exhibits a gain, investors can be susceptible to substantial losses. Markets, when they are volatile, can only exacerbate the situation. Also, leveraged and inverse ETFs are not suitable for all investors.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The Financial Industry Regulatory Authority Inc. says that J.P. Turner & Co. has to pay restitution of $707,559 to 84 clients over the sale of inverse and leveraged ETFs that were unsuitable for them, as well as for excessive mutual fund switches. The SRO says that the broker-dealer did not set up and keep up […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3798,4023,3752,3880],"tags":[],"class_list":["post-1356","post","type-post","status-publish","format-standard","hentry","category-arbitration","category-exchange-traded-funds","category-financial-firms","category-jp-turner-co"],"yoast_head":"\nFINRA Orders J.P. 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