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Japan's FSA orders Toyo Securities to correct sales practices

Japan's Financial Services Agency ordered Toyo Securities Co. Ltd. to correct its sales practices after its employees were found to have routinely misrepresented investment risk while marketing U.S. stocks to elderly customers, The Nikkei reported Dec. 21.

The financial industry watchdog asked the brokerage to come up with an action plan to prevent similar practices in the future. The FSA also required Toyo Securities to provide compliance training to all of its board directors, according to the report.