The NASD announced Wednesday that it has fined Securities America $375,000 for improperly sharing $280,000 in directed-brokerage commissions, plus other payments, with former broker Michael Bullock, a 16-year veteran of the firm who worked in the Los Angeles area. The NASD also said that Securities America failed to properly supervise Bullock to ensure that his disclose his directed-brokerage commissions to his union-sponsored retirement plan clients.

The NASD also separately charged Bullock for accepting those payments and not revealing them.

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