The NASD announced Wednesday that it is fining four brokerage firms $850,000 for failing to waive front-end sales charges for customers buying Class A shares by not having adequate supervisory systems and procedures in place. In addition, the companies must repay $43.8 million to the overcharged customers.

Edward Jones, RBC Dain Rauscher and Royal Alliance Associates are each paying a fine of $250,000, but Morgan Stanley is paying only $100,000 since, the NASD said, it took remedial measures.

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