SEC Hits Firm With $85K Reg BI Fine

News July 29, 2024 at 06:06 PM
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What You Need To Know

  • The firm and a registered rep violated Reg BI via the sale of L bonds, a high-risk investment created by now-defunct GWG Holdings, the SEC says.
  • The rep did not know and could not explain how it was in the client's best interest to buy an illiquid five-year L bond.
  • The SEC also suspended the rep for nine months.
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