The NASD has charged Oppenheimer & Co. and the firm's CEO Albert Lowenthal for intentionally supplying flawed data in response to its request for firms' breakpoint discount practices on sales of Class A shares. Separately, the NASD has also fined the firm $250,000 for failing to report broker misconduct to regulators, brokerages and the public.

After the NASD discovered in a March 2003 report that nearly one in three mutual fund purchases of Class A shares that would have qualified for breakpoint discounts didn't receive them, the NASD asked 2,000 broker/dealers to trace any breakpoints they gave in 2001 and 2002 and to report on their breakpoint policies.

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