Massachusetts regulator launches probe into retail structured product sales

The Secretary of the Commonwealth of Massachusetts, William Galvin, has launched a probe into the sales practices of broker-dealers who have been distributing retail structured products. Letters were sent in July to six broker-dealers: Bank of America, Morgan Stanley, Wachovia Securities, Cantella, Linsco/Private Ledger and Citigroup.

Market participants contacted by Structured Products believe this could be the first of many initiatives taken by state authorities in the US as sales of these

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