NASD Hits MetLife With $5M Fine

Law360, New York (September 19, 2006, 12:00 AM EDT) -- The National Association of Securities Dealers has fined three MetLife Inc. securities firms $5 million for alleged after-hour trading of mutual funds.

According to the NASD’s complaint, MetLife Securities Inc. of New York, New England Securities Inc. of Boston and Walnut Street Securities Inc. of St. Louis also provided inaccurate and misleading information and failed to produce documents in a timely fashion related to a September 2003 inquiry.

“[We] rely on firms to respond accurately and promptly to requests for information on matters of regulatory concern,”...
To view the full article, register now.