Setting a precedent for itself,
From January 2001 until August 2002, the NASD says
"This is an example of a firm whose management has totally ignored repeated red flags that its brokers were facilitating deceptive and improper market timing in mutual funds by hedge fund clients," said Mary Schapiro, the NASDs vice chairman.
In a press release, the NASD said "at least 1,000 mutual fund trades, totaling nearly $400 million," were conducted by the market timers. Approximately $300,000 was made by the companies timing the market.
National Securities, a division of Olympia Cascade Financial Corp., was further punished to the tune of a $300,000 fine for the company and an additional $25,000 worth of fines for its president, Michael A. Bresner, who was also suspended for a month.