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October 01, 2006 at 04:00 AM
How sweet it is: KeyCorp is selling its McDonald Investments branch network to UBS, and the approximately 340 reps in those 51 branches are being given strong incentives by KeyCorp to make the move to UBS in the form of a “funded contribution to their UBS stock award plan,” in addition to 10% to 70% bonuses from UBS on their past year’s gross commissions, according to a Dow Jones Newswires story. UBS is expected to pay KeyCorp up to $280 million, and the deal is expected to close in the first quarter of 2007…
More than a slap: Prudential Securities, Inc. was ordered to pay $600 million to regulators, including the NASD, SEC, Department of Justice, and Massachusetts Securities Division, for “misconduct relating to improper market timing” according to the NASD. “The scale of the fraudulent market timing activity that was allowed to occur through this firm and that went unchecked by the firm’s supervisory systems is unprecedented,” said NASD Senior Executive VP Stephen Luparello…
American Funds Distributors, Inc. was fined $5 million by the NASD for directed brokerage violations, involving $98 million in commissions paid by the firm’s parent, Capital Research and Management Company, from 2001 through 2003…
