The NASD fined four US brokerages Wednesday that are affiliated with the North American operations of ING for taking fees and commissions in exchange for offering preferential treatment to certain mutual fund companies.
Network Investment Corp, ING Financial Partners, Multi-Financial Securities Corp. and Prime Vest Financial Services face combined fines of more than $7 million.
NASD fined the four firms: $3.42 million, $1.29 million, $1.23 million and $1.07 million respectively. But all four deny the allegations.