Violation Tracker Individual Record
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.
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).
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).