NASD Suspends Four for Sales of B Shares on Funds
August 25, 2003
The National Association of Securities Dealers has suspended four brokers for inappropriate sales of B shares on mutual funds. A fifth broker is contesting the charges.
The brokers will be suspended for up to nine months and pay a combined total of nearly $120,000 in fines.
The brokers inappropriately recommended B shares on mutual funds, when their clients would have reduced their up-front sales charges through eligible breakpoints on A shares, NASD said.
The four brokers are affiliated with James Wheeler & Co., Marsco Investment, Tucker Anthony and UBS Financial Services. The fifth broker, with Staten Securities, is contesting the charges.
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