NASD fines Diversified Investors for market timing violations

02/15/2006 | InvestmentNews (free registration)

The NASD fined Diversified Investors Securities Corp. $1.3 million for facilitating impermissible market timing, and ordered the firm to pay an additional $950,000 in restitution. "Diversified selectively permitted certain customers to carry out hundreds of market timing exchanges," said James Shorris, NASD Senior Vice President and Acting Head of Enforcement. In the settlement, the company neither admitted nor denied the allegations.

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