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Rating:In the Leveraged ETF Probe, Galvin's Gaze Now Turns to Four B-Ds Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, August 03, 2009

In the Leveraged ETF Probe, Galvin's Gaze Now Turns to Four B-Ds

News summary by MFWire's editors

After sending out letters to three sponsors of leveraged ETFs, Massachusetts Secretary of State William Galvin has now turned his sights toward broker-dealers. Galvin issued subpoenas Friday to Ameriprise, UBS, LPL and Edward Jones, soliciting information on the sales of the products, the Wall Street Journal reported Saturday.

Prior to the issuance of the subpoena, Ameriprise, Edward Jones and UBS had already halted sales of leveraged ETFs. LPL, for its part, restricted sales of leveraged ETFs that exceed double long or double short positions.

Galvin sent out letters to Direxion, ProShares and Rydex on July 15. 

Edited by: Armie Margaret Lee

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