NASD Fines Securities America For Directed Brokerage

Law360, New York (July 11, 2007, 12:00 AM EDT) -- The NASD revealed Wednesday that it has fined brokerage firm Securities America Inc. $375,000 for improperly sharing directed brokerage commissions it received from a mutual fund with one of its former brokers.

Michael Bullock began working for Securities America as a broker in the 1990s. Later, while still employed by the company, he began working as an advisor to union workers in California, counseling them about their retirement investment options.

NASD has filed a separate complaint against him, saying that he advised his clients to invest...
To view the full article, register now.