The Financial Industry Regulatory Authority has sanctioned four large financial firms with a total of $9.1 million in fines and restitution for not having adequate supervisory systems in place for billions of dollars of sales of leveraged and inverse exchange-traded fund products.

Citigroup Global Markets, Morgan Stanley, UBS Financial Services and Wells Fargo Advisors were fined more than $7.3 million and ordered to pay $1.8 million in restitution to select customers.

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