Brokerage industry regulator NASD has fined Merrill Lynch, its clearing house unit Pierce, Fenner & Smith, Wells Fargo and Linsco/Private Ledger a total of $19.4 million for improper sales of Class B and Class C mutual fund shares.

New York-based investment banker Merrill Lynch was fined $14 million; Wells Fargo, a San Francisco-based money manager, was fined $3 million; and Linsco, a Boston brokerage house, was fined $2.4 million. In addition to the fines, each firm will compensate affected customers, which altogether equal about 29,000 households.

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