The NASD fined two Fidelity Investments broker/dealers-Fidelity Investments Institutional Services Co. and Fidelity Distributors Corp.-$400,000 for distributing misleading performance information about investment plans sold primarily to military personnel.

The Fidelity Destiny I and II systematic investment plans, which require investors to make a fixed number of monthly payments over a 10- to 15-year period, "were sold using various performance charts and data that presented a misleading picture of the plans' performance," explained James S. Shorris, executive vice president and head of enforcement at the NASD. "These failures were aggravated by the fact that the plans were sold primarily to military personnel, who often have limited time to study the marketing materials for investment products."

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