The NASD has fined Sanford C. Bernstein Analyst Charles B. "Brad" Hintz $200,000 for violating the regulator's industrywide conflict of interest rules. NASD also fined New York-based Bernstein, a subsidiary of Alliance Capital Management  $350,000.

Charges focus on claims that Hintz made illegal arrangements with his employer to allow him to sell personal stock holdings in Lehman Brothers and options at Morgan Stanley at the same time when he was recommending the stocks to clients. The fines are the largest levied to date by NASD for its research analyst conflict of interest rules, which took effect July 9, 2000.

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