The National Association of Securities Dealers said Monday it has censured and fined brokerage firm David Lerner Associates.$100,000 for holding sales contests to promote its proprietary mutual funds and selected variable annuity and variable life insurance products.

The Long Island-based firm, conducted six sales contests between Sept. 25, 2000 and March 21, 2003 and offered or awarded various prizes to the winning broker-dealer representatives, including trips to vacation resorts in Puerto Rico, the Bahamas, Las Vegas and New England.

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