The brokerage subsidiary of H&R Block, the nation’s No. 1 tax preparer, said it could be punished for improper mutual fund trades, Reuters reports.

The NASD has taken preliminary steps to reprimand H&R Block Financial Advisors for alleged market timing mutual funds at one of its Florida offices. Through spokesman Bob Schneider, Kansas City-based H&R Block said it is cooperating, and has reported the NASD investigation in a Securities and Exchange Commission filing.

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