The National Association of Securities Dealers has ordered that Credit Suisse Group pay a retired couple $1.2 million for placing their retirement assets in risky investments, Reuters reports.

The NASD found Donaldson, Lufkin & Jenrette, a unit of Credit Suisse, guilty of negligence, making bad investment recommendations and failing to supervise its employees. But a Credit Suisse spokesperson said that the couple's claim lacks merit.

Rafael and Cornia Mantalvo's bond portfolio was completely liquidated in 1999 and the proceeds were placed into an actively managed account.

The $1.2 million is restitution for the couple's losses.

The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.

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