The National Association of Securities Dealers Inc. has imposed a $5 million fine on 3 securities units of MetLife Inc.
The units are MetLife Securities Inc., New York; New England Securities Inc., Boston; and Walnut Street Securities Inc., St. Louis.
The units provided inaccurate and misleading information to the NASD, allowed late trading of mutual funds, and failed to answer NASD questions sent through electronic mail in a timely fashion, according to officials at the NASD, Washington.
The MetLife securities firms settling the investigation have “neither admitted nor denied the charges, but consented to the entry of NASD’s findings,” NASD officials say.
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“We’re pleased to put this matter behind us,” says John Calagna, a spokesman for MetLife, New York.