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NASD Smacks Three Brokerage Giants With Fines

Law360 (July 18, 2006, 12:00 AM EDT) -- Two years after a widespread crackdown on dishonest research analysts, the National Association of Securities Dealers has slapped Citigroup Inc., Credit Suisse Group and Morgan Stanley with a collective $775,000 fine for allegedly violating conflict-of-interest rules.

The NASD announced the penalties Monday, accusing the three investment giants of failing to comply with agency rules regarding research analysts.

"The failures on the part of Citigroup, Credit Suisse and Morgan Stanley to abide by these rules undermine the important disclosure obligations mandated by NASD in the wake of...
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