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NASD delivers $7.9m penalties over junk bonds

The NASD, the US watchdog, has fined three firms and expelled a fourth for violations relating to their trading of corporate high-yield bonds, citing excessive mark-ups or mark-downs and supervision lapses.

The four firms were fined a total of $6.75m (€5.6m) and ordered to pay restitution exceeding $1.1m, an NASD statement said.

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