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Industry Spotlight > Broker Dealers

NASD May Charge MetLife

By Staff Writer

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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.

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