Chase Investment Corp. and MetLife Securities both got slapped with a $500,000 fine from the NASD for failing to establish systems and procedures to supervise the sales of 529 college saving plans.

Also, the firms must compensate customers disadvantaged by those supervisory failures. Chase will pay an additional $288,500 and MetLife $376,000 into roughly 300 customer accounts.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.