NASD fines four ING brokers

Thursday 10 August 2006 at 16:00

NASD has fined four US broker-dealers affiliated with ING America Insurance Holdings $7m (€5.4m) for giving preferential treatment to favoured mutual funds in order to win their business.

The four broker-dealers violated NASD's anti-reciprocal rule, which prohibits arrangements in which brokerage commissions are used to compensate firms for selling mutual fund shares.