We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

NASD Fines Chase, MetLife $1.66M

Law360 (November 7, 2006, 12:00 AM EST) -- The National Association of Securities Dealers on Tuesday fined Chase Investment Services Corp. of Chicago and MetLife Securities Inc. of New York a combined $1.66 million for failing to adequately supervise sales of 529 college savings plans.

The fines included a $500,000 penalty for each firm and compensatory fines of $288,500 for Chase and $376,000 for MetLife that will go into around 600 customer accounts.

“Firms must take steps to ensure that investors are aware of the critical features of the many different 529 plans that...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.