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Brokerage Firms Pay for Incentive Violations

NASD (formerly the National Association of Securities Dealers) has sanctioned several brokerage firms for running prohibited sales contests, and its investigation is broadening. Writing in the spring 2004 issue of The Journal of Investment Compliance, NASD enforcement officials report that “NASD is in the process of examining over 20 broker-dealers” to review their compliance with rules that prohibit brokerage firms from rewarding cash or noncash compensation (including group travel

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