The National Association of Securities Dealers says it has fined USAllianz Securities $5 million on charges it failed to supervise its sales representatives adequately.

USAllianz Securities, which now operates as Questar Capital Corp., Ann Arbor, Mich., is a unit of Allianz A.G., Munich.

NASD, Washington, charged that from April 2001 through March 2006, USAllianz failed to reasonably supervise the activities of its registered representatives.

Among other issues, NASD said it found some company supervisors did not have the required experience, education and training to carry out their responsibilities.

NASD also charged that USAllianz’s compliance department was understaffed, and that until recently it lacked a system to capture and preserve internal e-mail communications.

USAllianz neither admitted nor denied the conclusions, but agreed to NASD’s findings.