Maryland-based Legg Mason Wood Walker Inc. has agreed to pay a reported $1 million to settle charges brought against it by the Securities and Exchange Commission for fraudulently processing mutual fund orders after trading hours.

The SEC reported that between September 2002 and October 2003, the firm processed approximately 18,000 mutual fund orders after market close.

Legg Mason settled without admitting to or denying the charges but agreed to take corrective actions.

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