Close
ThinkAdvisor

Industry Spotlight > Broker Dealers

NASD May Charge MetLife

X
Your article was successfully shared with the contacts you provided.

The National Association of Securities Dealers may charge MetLife Inc. with violations of NASD rules, MetLife says.[@@]

MetLife, New York, itself reported concerns about possible cases of “late trading” at 3 broker-dealer units to the NASD, Washington.

NASD staff members have decided that, in a “limited number” of transactions completed in 2003, purchasers placed orders with the 3 broker-dealers after the usual 4 p.m. Eastern time closing time but received the same day’s net asset value, MetLife says.

The NASD has notified the broker-dealers == MetLife Securities Inc., New England Securities Corp. and Walnut Street Securities Inc. == that it has made a preliminary determination to file charges against the firms, MetLife says.

MetLife says it discovered evidence of cases of late trading during a routine internal audit.

MetLife will have a chance to respond to the NASD staff before NASD staff members make any formal recommendations, but potential charges could relate to supervisory procedures and recordkeeping, MetLife says.

More on this topic