Violation Tracker Individual Record
NASD fined Davenport & Co. LLC of Richmond, VA $450,000 for facilitating deceptive market timing in variable annuities and ordered the company to pay more than $288,000 in restitution to the affected funds. The fine also includes Davenport's failure to establish and maintain a reasonable supervisory system and written supervisory procedures designed to prevent late trading of mutual funds.
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).