RBC Capital Markets and one of its former sales agents have been sued by the securities authorities of Massachusetts, The Wall Street Journal reports. The bank and agent Michael Zukowski have been accused of allegedly selling complex ETFs to clients, who did not understand the workings of these funds.

The accused offered leveraged and inverse-leveraged ETFs to clients and did not supervise them. The complaint, which claimed that 35 of Zukowski’s clients faced a loss of about $793,000, seeks restitution to Massachusetts investors, a cease-and-desist order and an administrative fine, adds Bloomberg.

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