The NASD announced Monday it has fined Citizens Bank’s broker/dealer subsidiary, CCO Investment Services, $850,000 for not properly supervising sales of 529 college savings plans and annuities to ensure that the products were suitable for investors. The bank also didn’t adequately supervise telemarketing calls to make sure that employees didn’t call consumers who had registered their names on federal do-not-call lists, the NASD said.

The questionable sales and calls took place between October 2003 and March 2005, according to the NASD.

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