The products had a worthless guarantee from Lehman
More fines have been handed down by the City watchdog in relation to investments backed by the collapsed Lehman Brothers bank.
Thorntons Law LLP, based in Dundee, was fined £35,000 and one of its partners Michael Royden was given a £10,500 fine by the Financial Services Authority.
Robert Yarr, of Belfast-based financial advice firm McClelland Yarr Financial Services, was also fined £28,000.
The case surrounds the sale of complex "structured products".
These had a worthless guarantee from Lehman Brothers.
'No risk'
When Lehman Brothers collapsed in September 2008, many people lost money on these complicated investments.
In total, about 5,600 people in the UK are thought to have lost a total of £107m.
The Financial Services Authority (FSA) has investigated a string of firms in relation to sales of these products.
It found that Thorntons, which traded as Thorntons Investment Services, did not give suitable advice to customers when selling them.
This included recommending these products to people who could not afford to lose money and recommending they put a large chunk of their investment portfolio into structured products.
Thorntons also used misleading phrases in letters to customers, such as "absolutely no risk to capital".
"Firms and individuals giving investment advice must properly assess their clients' needs and make suitable recommendations," said Margaret Cole, of the FSA.
"They must also have the necessary systems and controls in place to ensure that this happens. This is vital when it comes to products which put customers' capital at risk and we have repeatedly reminded firms that the risks must be communicated to customers in a way which is fair, clear and not misleading."
In February, RSM Tenon Financial Services, based in Hampshire, was the first firm to be fined in relation to the saga. It was told to pay £700,000 by the FSA for advice and sales failures.
