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Investment Firms Fined For Entertainment Payments

Law360 (February 12, 2007, 12:00 AM EST) -- The National Association of Securities Dealers has come down against three investment distributors with a $700,000 fine for breaking compensation regulations by inappropriately entertaining brokers and reimbursing guest costs at training and education meetings.

The NASD said Monday it imposed fines against Chicago-based Scudder Distributors Inc. for $425,000, Boston-based Putnam Retail Management LP for $175,000 and New York-based AllianceBernstein Investments Inc. for $100,000.

The three firms, which rely on retail brokerage firms and their brokers to pitch their investment products, made improper offers and payments for...
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