An arbitration panel organized by the NASD has found a unit of Ameriprise, Securities America, and one of its stockbrokers guilty of steering three retired airline pilots into high-fee mutual funds, The Wall Street Journal reports.

The panel awarded the three $9.3 million plus interest. This includes $3.8 million in compensatory damages and $2.5 million in costs and attorney fees, payable by Securities America and the broker, Robert Gormly. In addition, the brokerage firm must pay $3 million in punitive damages. Interest is payable on the $3.8 million, beginning Jan. 1.

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