NASD: 6 Dealers Sold 529 Plans Mostly to Out-of-State Investors

Hume, Lynn
March 2004
Bond Buyer;3/22/2004, Vol. 347 Issue 31846, p1
Trade Publication
Reports on investigations by the U.S. National Association of Securities Dealers (NASD) on six large broker-dealer firms that are selling interests in tax-advantaged 529 college savings plans. Questions on suitability analysis since not all states offer state income tax deductions; Statements by Mary Schapiro, vice chairman of NASD; Plan by U.S. Representative Michael Oxley to hold hearings on 529 plans.


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