The NASD's Investor Education Foundation is launching a $6.8 million campaign to supply members of the military with education and tools about investing, as a way of warding off unscrupulous investment firms that have been selling overpriced, risky and inappropriate products to members of the armed forces.
The NASD gave a financial quiz to service members last June and found that only 29% of those who currently invest knew enough to get a passing grade.
"We know that military personnel want and need objective, unbiased information to help them make sound financial decisions," said Robert J. Glauber, chairman and CEO of the NASD.
The NASD is supporting this new effort with a Web site, www.saveandinvest.org, and an advertising campaign. The $6.8 million it is spending on this campaign is coming from fines and sanctions it and the Securities and Exchange Commission imposed on First Command Financial Planning for selling high-fee mutual funds to military personnel.