The NASD has fined Citigroup Global Markets $250,000 for distributing inappropriate hedge fund sales literature. The penalty marks the agency's heftiest fine for abusive hedge fund sales practices by broker/dealers.

The NASD also censured the Citigroup arm for distributing 106 pieces of sales literature regarding hedge funds and funds-of-hedge funds between July 1, 2002 and June 30, 2003.

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