The National Association of Securities Dealers Inc. has ordered ING Funds Distributor L.L.C. to pay a $1.5 million fine and $1.4 million in restitution in connection with mutual fund market-timing allegations.[@@]
The NASD, Washington, also has imposed a $25,000 fine and a 30-day supervisory suspension on the distribution firm’s supervisor, William Sessions.
ING Funds and Sessions have consented to the entry of the NASD’s findings without admitting or denying the allegations, according to the NASD.
Market timing is the practice of using rapid trading strategies to profit from uneven flows of price information and other information through world financial products markets.