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
and Edward Jones
, soliciting information on the sales of the products, the
Wall Street Journal
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
on July 15.
Armie Margaret Lee
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