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News June 28, 2004 Issue

NASD Slaps Brokerage Firms For Failing to Detect Late Trades

The NASD last week censured and fined five brokerage firms for failing to implement adequate supervisory systems and written procedures reasonably designed to detect and prevent mutual fund late trading.

The firms, and their penalties:

  • D.A. Davidson & Co. - $150,000;
  • TD Waterhouse Investor Services - $150,000;
  • Stifel Nicolaus & Company - $125,000;
  • National Planning Corp. - $100,000; and
  • SII Investments, Inc. - $100,000.