The NASD last week fined three brokerage firms a total of $3.1 million for permitting improper market timing and ordered them to repay the affected mutual funds $2.7 million in restitution. All three firms, Janney Montgomery Scott, ING Funds Distributor and First Allied Securities, accepted the penalties without admitting or denying the charges.

NASD fined Janney $1.2 million and imposed restitution of nearly $1 million. ING was hit with a $1.5 million fine and ordered to repay $1.4 million, and First Allied was penalized with a fine of $408,000 and ordered to repay $326,500.

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