|  | | 2004 News and Press Releases | | |
HEADLINE NEWS:
NASD Metes Out Fines To 29 Securities Firms
Annalisa Burgos
Forbes.com. November 30, 2004
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EXCERPT: In the headlines this afternoon, the NASD has slapped 29 securities firms with a total of $9.2 million in fines for late disclosure of required broker information. The NASD, formerly the National Association of Securities Dealers, suspended two of the firms, Merrill Lynch and Wachovia Securities, from registering new brokers for five business days because of excessive violations and prior regulatory filing problems. Merrill Lynch, the largest U.S. brokerage, was hit with the biggest fine, $1.6 million. American Express Financial Advisors was fined $700,000, Wachovia $650,000 and Prudential Equity Group $550,000. The NASD said the firms failed to make at least 25% of required disclosures on time between January 2002 and March 2004. ING Financial Partners had the highest failure rate at 77% and was fined $200,000. In July, Morgan Stanley was fined $2.2 million and banned from registering brokers for five days in a settlement from the same probe. |
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