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May 01, 2006 at 04:00 AM
Fines, Complaints, Mergers
The NASD fined American General Securities Inc., a member company of AIG, more than $1.1 million for violations of NASD’s Anti-Reciprocal Rule. NASD found that from January 2002 through September 2003, AGSI operated a revenue sharing program in which participating mutual fund companies paid a fee in return for enhanced access to AGSI’s sales force, being identified as a “Preferred Product Sponsor” on AGSI’s Web site, being featured in AGSI’s internal marketing publications, and participating in AGSI’s “top producer” meetings. The NASD also filed a complaint against A.B. Watley Direct, Inc. of New York and two former registered reps, charging them with facilitating late trading and improper market timing of mutual funds on behalf of hedge fund clients…
NASD announced the promotion of James Shorris to executive VP and head of enforcement. Shorris replaces Barry Goldsmith, who is leaving NASD after 10 years to return to private practice…
