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Jason Figueroa and The GMS Group, LLC. - ETFs - Proshares Ultra S&P, Proshares Ultrashort S&P 500 and Barclay's Ipath S&P 500 VIX Short Term Futures ETN Unsuitable FINRA Arbitration Attorney

Jason Figueroa and The GMS Group, LLC. - Unsuitable ETFs - Proshares Ultra S&P, Proshares Ultrashort S&P 500, Direxion ETF Daily Gold Miners Bull 3X shares, Credit Suisse Velocity Shares Inverse VIX ETN and Barclay's Ipath S&P 500 VIX Short Term Futures ETN FINRA Arbitration Attorney:

Recently the Financial Industry Regulatory Authority (FINRA) announced that Jason L. Figueroa entered into an Acceptance, Waiver and Consent (AWC) whereby Mr. Figueroa was barred from associating with any FINRA member in any capacity.

The AWC found that beginning in October of 2011, Mr. Figueroa revised the investment strategy that he was recommending to certain of his customers, who were unsophisticated and retired investors with limited investment experience and a moderate risk tolerance.  Previously, these customers had been primarily invested in corporate bonds and mutual funds.  A major component of the revised strategy, however, was leveraged and inverse-leveraged ETFs, including Proshares Ultra S&P 500, Proshares Ultrashort S&P 500 and Direxion ETF Daily Gold Miners Bull 3X shares, as well as related exchange-traded notes, including Barclay's Ipath S&P 500 VIX Short Term Futures ETN and Credit Suisse Velocity Shares Daily Inverse VIX ETN.  Moreover, Mr. Figueroa employed the use of leverage in each of the accounts, which further exacerbated the amount of risk of the revised strategy.

Mr. Figueroa recommended these nontraditional EFT transactions without first conducting adequate due diligence concerning the unique features and specific risks of these products.  If you have lost money as a result of Mr. Figueroa's recommendation of this revised investment strategy or other account executives associated with The GMS Group, LLC., please contact us for you initial free consultation.

To review a complete copy of the subject AWC, please follow the highlighted link.

Figueroa.pdf

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