‘Exploited’ investors lose fortune, $280m fines mulled

The financial services regulator is seeking more than $280 million in fines from three brokerages. (Bianca De Marchi/AAP PHOTOS) The financial services regulator is seeking more than $280 million in fines from three brokerages. (Bianca De Marchi/AAP PHOTOS) Credit: AAP Brokerages found to have profited handsomely from vulnerable customers who lost millions of dollars on highly risky investment products could be hit with $280 million fines. Investors lost $83 million by investing in complex, high-risk over-the-counter derivatives pushed by foreign exchange broker Union Standard International Group and its two authorised representatives between 2018 and 2020. Union Standard and the two…