What is selling away?

"Selling away" is a term used in the financial industry to describe a situation in which a broker or financial advisor sells securities or investments that are not offered or authorized by their firm. This practice is considered unethical and potentially illegal because it often involves the broker selling investments that may be risky or unsuitable for their clients, and can result in investors losing money.

Selling away can occur when a broker is looking to earn higher commissions by selling products that are not approved by their firm, or when they are trying to cover up losses from bad investments. It is important for investors to be aware of this practice and to carefully review any investment recommendations made by their broker to ensure they are legitimate and authorized by the firm.

Investors who believe they have been victims of selling away should report the situation to their financial institution and consider seeking legal action to recover any losses. It is also important to conduct due diligence on any investments being offered and to only work with reputable and licensed financial professionals.