NASD says fund firm provided kickbacks
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The National Association of Securities Dealers yesterday charged the distributor of American Funds, the number three US mutual fund company, with breaking a NASD rule by paying brokerages $100 million in rewards over three years for being top sellers of its funds.
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The NASD on Tuesday said it censured  and fined 29 securities firms, including some of Wall Street's  best-known companies, a total of $9.22 million for failing to  properly disclose disciplinary and other required information  about their brokers more than 8,300 times.
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The NASD on Monday said it fined  Citigroup Global Markets Inc. $250,000 for distributing  inappropriate hedge fund sales literature, in the regulator's  largest fine involving hedge fund sales by broker-dealers.
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GIANT insurance brokers are accused of taking kickbacks from insurance companies. Mutual fund managers allow preferred clients to trade after hours.
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The defendants include former and current employees at major Wall Street firms such as Morgan Stanley and Oppenheimer.
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Andrew M. CuomoÂs campaign for attorney general invested in a hedge fund run by some of his backers.
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Allied Capital, a Washington financial services firm, said yesterday that someone it hired had obtained the  phone records of David Einhorn, a hedge-fund manager who has accused the company of fraud, and Einhorn's company, Greenlight Capital.
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An investor lawsuit claims U.S. computer maker Dell Inc. overstated sales and profits and got $1 billion in secret kickbacks from Intel Corp.
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NEW YORK -- Securities regulator NASD on Monday charged H&amp;R Block Inc. with fraudulently promoting Enron Corp. bonds to customers just weeks before the energy trader declared bankruptcy in 2001.
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Federal regulators said in court papers filed yesterday that Fidelity Investments' money management arm "may have, directly or indirectly" defrauded some clients or prospective clients during a two-year period from 2002, actions which may have prevented Fidelity customers from getting the best possible deals on stock trades.
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Fidelity Investments and several brokerages that handle the mutual fund giant's trading have received subpoenas from regulators seeking information about gift-giving practices in the mutual fund industry, according to a published report Tuesday.
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H&R Block's financial advisors unit was charged with fraud by the NASD for misrepresenting the risks to investors of Enron bonds.
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Federal regulators have subpoenaed Fidelity Investments and several brokerage firms that handle the stock-trading business for the mutual fund giant, seeking information about gifts and expensive perks Fidelity traders may have accepted from the brokerage firms, according to attorneys involved in the case.
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SAN DIEGO -- Four major insurance companies paid a broker tens of millions of dollars in hidden kickbacks in exchange for winning contracts with some of the largest US companies, California Insurance Commissioner John Garamendi charged yesterday.
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A move by Fidelity Investments to lower its corporate taxes -- potentially by hundreds of millions of dollars a year -- came under fire yesterday by tax policy advocates and a Massachusetts union official, while a business group defended the Boston mutual fund firm's strategy.
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Fidelity Investments will pay $3.75 million in fines for supervisory failures, including allowing traders to accept gifts like Super Bowl tickets and chartered flights, NASD, the brokerage industryâs main regulator, said yesterday.
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WASHINGTON, Dec. 12 (Dow Jones/AP) â Federal regulators sued a hedge fund manager in Dallas on Tuesday, accusing him of making more than $6.5 million through illegal trading involving ânakedâ short sales of dozens of companies.