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 Allianz $5M For Violations

Law360 (December 18, 2006, 12:00 AM EST) -- The National Association of Securities Dealers fined German insurance giant Allianz SE’s subsidiary USAllianz Securities $5 million Monday for various violations.

After an investigation, the NASD found that USAllianz Securities had failed to create and enforce a supervisory system or written procedures to oversee its staff and their activities.

In addition to the fine, USAllianz Securities is banned from opening a new office for 30 days and hiring any new registered representatives for seven days. The NASD also required the securities company to hire an independent...
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.