NASD fines four ING brokers

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.

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