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Stockbroker Misconduct

This investigation concerns the Direxion Daily Gold Miners Bull 3x Shares, a three-time leveraged exchange-traded fund (ETF) which trades on NYSE under ticker symbol NUGT.  Leveraged ETF’s such as NUGT are designed as a product for day-traders and are not typically supposed to be recommended as “buy and hold” investments. Claims have been brought on behalf of investors who have suffered losses due to their brokers making such recommendations, which violate suitability rules.

This investigation is based on publically disclosed FINRA action relating to Malcolm Babin. 

This investigation was triggered by FINRA news that it is investigating Ahmad “Kevin” Wares for stockbroker misconduct.