Finra targets US firm over ‘misleading’ retail advice

Clare Dickinson
28 Apr 2010

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The Financial Industry Regulatory Authority (Finra) has issued a complaint against US-based investment firm Morgan Keegan, after it received 1,000 arbitration claims from retail investors saying they were misled about the risks involved in bond funds sold by the company.

The claims have also prompted the US Securities and Exchange Commission (SEC) to file a separate complaint. “It has attracted a lot of attention because so many customers were harmed – there was anywhere between $1 billion and $2

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