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Violation Tracker Individual Record

Company: First Allied Securities, Inc.
Penalty: $734,500
Year: 2005
Date: October 3, 2005
Offense Group: financial offenses
Primary Offense: investor protection violation
Secondary Offense: financial institution supervision failures
Violation Description: NASD fined First Allied Securities, Inc. $408,000 for facilitating the deceptive efforts of three hedge fund customers to engage in improper market timing transactions. NASD also ordered First Allied to pay approximately $326,500 to reimburse the affected funds.
Level of Government: federal
Action Type: agency action
Agency: Financial Industry Regulatory Authority
Civil or Criminal Case: civil
Source of Data: NASD Fines First Allied Securities Over $400,000, Orders More Than $325,000 in Restitution for Market Timing Violations, PR Newswire, October 3, 2005 (via Nexis).
Notes: FINRA is a securities industry self-regulatory body authorized by the federal government. This case was handled by its predecessor, the National Association of Securities Dealers (NASD).
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.