NASD Fines Allianz $5M For 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...
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