The National Association of Securities Dealers has punished 3 companies in connection with allegations that they violated NASD rules concerning payment of guest expenses at financial representatives’ training and education meetings.
The NASD, Washington, imposed a $175,000 fine on Putnam Retail Management Ltd. Partnership, Boston, a unit of Marsh & McLennan Companies, New York.
The NASD also imposed a $425,000 non-cash compensation fine on Scudder Distributors Inc., Chicago; and a $100,000 fine on AllianceBernstein Investments Inc., New York.
The companies fined neither admitted nor denied the allegations, but they consented to the entry of NASD’s findings.