Major wirehouse whacked

Canadian advisors and market participants are all too familiar with the gyrations of the loonie against the U.S. dollar. Apparently, their U.S. counterparts are less on the ball.

So say claims by a claimant in a Financial Industry Regulatory Authority (the SRO governing Nasdaq and the New York Stock Exchange) who alleged Citigroup Global Markets delayed conversion of Canadian funds to U.S. dollars, costing him some money.

The respondent denied the claim but FINRA saw fit to award more than $127,000 in compensatory damages.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.