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NASD Fines Firms $43.8M For Supervisory Failures

Law360 (December 14, 2006, 12:00 AM EST) -- Four investment firms will pay a total of $43.8 million after the National Association of Securities Dealers found they failed to inform customers that they could purchase certain classes of mutual funds without incurring a front-end charge.

Edward D. Jones & Co. LP, RBC Dain Rauscher Inc., Royal Alliance Associates Inc., and Morgan Stanley DW Inc. were all hit with fines after regulators found that their supervisory systems and procedures for recommending funds to investors were lacking.

“The failures on the part of Edward Jones, RBC...
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