A financial advisor who was the principal of an RIA for 21 years racked up more than $11 million in client losses by selling investment products he didn't understand, according to US state regulators.

Thomas M. Chadwick of New London, New Hampshire-based Chadwick & D'Amato has been accused of investment fraud after recommending his clients invest 50% to 92% of their portfolios in a Credit Suisse exchange-traded note (ETN) and held shares in the highly volatile real estate product for an average of 386 days, state regulators said. Chadwick failed to act in his clients' best interests and breached his fiduciary duty of care and loyalty The New Hampshire Secretary of

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