Triad Advisors Pays Fine and Restitution to Resolve FINRA Complaint
In December 2021, FINRA announced that it reached a settlement with Triad Advisors concerning it recommendation of the LJM Mutual Fund to customers. Here are the important details:
- From September 2016 until February 2018, Triad failed to conduct reasonable due diligence into the risks and features of the LJM Fund.
- Triad sold $2,267,000 in LJM to 58 customers.
- The value of the LJM fund dropped 80% during a period of extreme market volatility in February 2018.
- Triad Advisors agreed to a fine or $195,000 and was ordered to pay customer restitution of $510,256.57.