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: 
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Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.