The NASD announced last Wednesday it has fined 15 broker/dealers more than $34 million in total for directing brokerage in exchange for preferential treatment for certain mutual fund companies.

The broker/dealers violated NASD's Anti-Reciprocal Rule, which prohibits firms from favoring the sale of shares of particular mutual funds on the basis of brokerage commissions. Also, a firm is not allowed to recommend specific funds to sales personnel or to establish preferred lists of funds in exchange for directed brokerage.

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