Although the fund industry continues to reel from 19 months of Fundgate, a few industry executives believe that neither the SEC's $20 million settlement with Citigroup nor the $6.25 million fine NASD imposed on the company over improper sales disclosure went far enough.

NASD's fine against Citigroup Global Markets is part of a larger, $21 million action that also levies $13 million against American Express Financial Advisors and $2 million against Chase Investment Services for similar disclosure failures. The SEC and NASD carried out the investigation jointly.

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