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The National Association of Securities Dealers censured and fined McLaughlin, Piven, Vogel Securities and its chairman, James C. McLaughlin, $100,000 for unsuitable sales of B shares. Saying that A shares would have been more appropriate, NASD also ordered the firm to return $90,000 to investors.

The NASD said the $9.3 million worth of transactions took place between June 1998 and May 2002 and affected 21 investors.

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