The NASD has fined Boston Capital Securities $1.2 million for improper financial disclosure and compensation, as the firm continued to sell limited partnerships to the public even though the NASD issued it a deficient notice.

"Full and accurate disclosure of material information in public offering documents is critical for the operation of our capital markets," said James Shorris, senior vice president and acting head of enforcement. "NASD's corporate financing rules are designed to ensure that the required disclosures are made to investors and that the terms of each underwriting are fair and reasonable."

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