The Financial Industry Regulatory Authority (FINRA) has ordered Broker dealers Stifel, Nicolaus & Company Inc. and Century Securities Associates Inc. (both owned by Stifel Financial) to pay a combined $550,000 in fines and $475,000 in restitution to 65 customers who were sold leveraged and inverse exchange-traded funds (ETFs) that did not meet their investment goals on the recommendation of representatives who did not understand how the financial products actually worked, the regulatory body announced in a press release. “The complexity of leveraged and inverse exchange-traded products makes it essential for securities firms and their representatives to understand these products before…