NASD Fines 3 Firms For Pricing Abuse

Hume, Lynn
November 2004
Bond Buyer;11/17/2004, Vol. 350 Issue 32012, p1
Trade Publication
The article reports on the U.S. National Association of Securities Dealers's (NASD) decision to fine RBC Dain Rauscher Inc., J.B. Hanauer & Co., and Quick & Reilly Inc for pricing abuse. NASD has ordered the three firms to pay a total of more than $43,234 in fines and restitution to customers for five transactions in which the firms purchased municipal securities from those customers at prices ranging 11.25% to 34.20% below market prices. The NASD reprimanded each of the firms for relying on the bids provided by the brokers' brokers without determining themselves if the bids reflected the fair market value of the securities.


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