NASD Cracks Down on Prohibited Sales Contests

NASD (known formerly as the National Association of Securities Dealers) recently fined David Lerner Associates Inc., a Long Island brokerage firm, for running prohibited sales contests, and NASD officials want to ensure there aren’t other cases out there as well.

The Long Island brokerage firm was fined $100,000 for running sales contests that promoted certain David Lerner proprietary mutual funds and other selected products in violation of NASD rules. “The sales contests engaged in b

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