{"id":3748,"date":"2005-12-20T00:00:00","date_gmt":"2005-12-20T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"nasd-fines-merrill-wells-linsco-over-fund-shares","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/12\/2005\/nasd-fines-merrill-wells-linsco-over-fund-shares.html","title":{"rendered":"NASD fines Merrill, Wells, Linsco over fund shares"},"content":{"rendered":"<p>Reuters &#8211; Brokerages regulator NASD said on Monday it imposed fines totaling $19.4 million on three firms &#8212; Merrill Lynch (MER.N: <a href=\"http:\/\/www.investor.reuters.com\/FullQuote.aspx?ticker=MER.N&amp;target=%2fstocks%2fquickinfo%2ffullquote\">Quote<\/a>, <a href=\"http:\/\/www.investor.reuters.com\/StockOverview.aspx?ticker=MER.N&amp;target=%2fstocks%2fquickinfo%2fstockoverview\">Profile<\/a>, <a href=\"http:\/\/www.investor.reuters.com\/StockReports.aspx?ticker=MER.N\">Research<\/a>) , Wells Fargo (WFC.N: <a href=\"http:\/\/www.investor.reuters.com\/FullQuote.aspx?ticker=WFC.N&amp;target=%2fstocks%2fquickinfo%2ffullquote\">Quote<\/a>, <a href=\"http:\/\/www.investor.reuters.com\/StockOverview.aspx?ticker=WFC.N&amp;target=%2fstocks%2fquickinfo%2fstockoverview\">Profile<\/a>, <a href=\"http:\/\/www.investor.reuters.com\/StockReports.aspx?ticker=WFC.N\">Research<\/a>) and Linsco\/Private Ledger Corp. &#8212; for what it said were improper sales of Class B and C mutual fund shares.<\/p>\n<p>  Merrill was fined $14 million, while Wells Fargo was fined $3 million, and Linsco was fined $2.4 million, NASD said.<\/p>\n<p>  The regulator alleged that the brokerages boosted their commissions by selling Class B or Class C shares, rather than more suitable Class A mutual fund shares, in nearly 140,000 transactions  involving more than 29,000 households.<\/p>\n<p>  Each firm is implementing a remediation plan to compensate affected customers, NASD said.<\/p>\n<p>  The fines are the latest in a wave of penalties imposed since 2003 by NASD and other regulators involving mutual fund share trading and mutual fund share sales practices.<\/p>\n<p>  Regulators started looking harder at the $8.5-trillion fund industry after New York Attorney General Eliot Spitzer revealed widespread abuses in the trading of fund shares primarily by hedge funds,  sometimes working in tandem with fund managers.<\/p>\n<p><a href=\"http:\/\/c.moreover.com\/click\/here.pl?b441186176&amp;r=MSNnews\">Read Complete Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Reuters &#8211; Brokerages regulator NASD said on Monday it imposed fines totaling $19.4 million on three firms &#8212; Merrill Lynch (MER.N: Quote, Profile, Research) , Wells Fargo (WFC.N: Quote, Profile, Research) and Linsco\/Private Ledger Corp. &#8212; for what it said [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-3748","post","type-post","status-publish","format-standard","hentry","category-syndicated"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/3748","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=3748"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/3748\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=3748"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=3748"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=3748"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}