(Reuters) - NEW YORK, July 11 - In what it called the first
case of its kind, the NASD on Wednesday said it fined the
Securities America Inc. unit of Ameriprise Financial Inc.
$375,000 for improperly sharing directed brokerage
commissions from a mutual fund company with a single broker.
The regulator also charged the broker, Michael Bullock,
with receiving more than $280,000 of improper compensation. It
said he failed to disclose the kickbacks to his union
retirement plan clients, even as he advised those clients to
maintain or include the fund company's mutual funds in their
plans.
Read more at Reuters.com Government Filings News
case of its kind, the NASD on Wednesday said it fined the
Securities America Inc. unit of Ameriprise Financial Inc.
$375,000 for improperly sharing directed brokerage
commissions from a mutual fund company with a single broker.
The regulator also charged the broker, Michael Bullock,
with receiving more than $280,000 of improper compensation. It
said he failed to disclose the kickbacks to his union
retirement plan clients, even as he advised those clients to
maintain or include the fund company's mutual funds in their
plans.
Read more at Reuters.com Government Filings News
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