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Broker-Dealers Fined $7M For Improper Commissions

Law360 (August 9, 2006, 12:00 AM EDT) -- The National Association of Securities Dealers has stuck four broker-dealers linked to ING America Insurance Holdings Inc. with a whopping $7 million fine for their directed brokerage activities.

The NASD served the penalty Wednesday as one of the last in a series of fines to curb the practice of collecting brokerage commissions from mutual fund groups in exchange for favoring their funds.

The NASD said that as it finishes cleaning up abusive brokerage practices, it plans on taking action against improper mutual fund sales later this...
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