Brokerage firm A.G. Edwards announced that the Justice Department is looking into possible improper trades at the company. While the brokerage firm did not go into specifics or indicate whether it has been subpoenaed, it did admit that it could face some regulatory action for "timing transactions."

Months back, the company revealed that other agencies, including the Securities and Exchange Commission and National Association of Securities Dealers, had also subpoenaed and requested information on late trading and market timing.

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