Washington (Jan. 2, 2004) -- 2003 was a record year for NASD -- the body set a record for both the number of new enforcement actions filed (1,352) and the number of individuals barred or suspended from the securities industry (830) as a result of violations of securities rules and laws.
NASD, which collected more than $32.5 million in disciplinary fines in 2003, said it brought more than 60 enforcement actions against securities firms for violations related to the sale of mutual funds, including suitability of fund share classes recommended by brokers, sales practices, improper disclosures, and compensation arrangements between the funds and brokers.
In addition, NASD’s dispute resolution service had its third record year with nearly 8,900 new cases filed, up 16 percent from 2002 and 29 percent from 2001. NASD last year also formed an Investor Education Foundation with an initial grant of $10 million.
-- WebCPA staff
