Violation Tracker Individual Record
NASD ordered Chase Investment Services to pay more than $290,000 for failing to have an adequate supervisory system and controls in place to prevent deceptive market timing by one of its hedge fund clients. The firm was fined $150,000 and ordered to pay a total of $140,262 to the affected mutual funds.
NASD Orders Chase Investment Services to Pay More Than $290,000 For Permitting Hedge Fund to Market Time Mutual Fund Shares, PR Newswire, December 13, 2005 (via Nexis).
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).