May 1, 2012 / 2:06 PM / 7 years ago

FINRA sanctions brokerages $9.1 mln over ETF sales

NEW YORK, May 1 (Reuters) - The Financial Industry Regulatory Authority on Tuesday sanctioned Citigroup Inc Morgan Stanley, UBS AG and Wells Fargo & Co a total of more than $9.1 million for selling leveraged and inverse exchange-traded funds.

The agency said that the firms sold these ETFs “without reasonable supervision” and without “a reasonable basis for recommending the securities,” according to a statement.

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