Charles Malico, a former broker with Network 1 Financial Securities, will also pay a $5,000 fine. The disciplinary action follows the SEC’s first violation notice issued earlier this year citing the new standard.
The order concerning New Harbor Financial Group's recommendation of an inverse leveraged ETF comes several months after the commonwealth secretary announced an investigation into b/ds distributing single-stock ETFs.
Once again, the DOL could put the employment status of independent broker/dealers in jeopardy. FSI President Dale Brown questioned whether the department gave enough attention to feedback from the industry when formulating the proposal.