NASD Regulation, the regulatory arm of the National Association of Securities Dealers of Washington, D.C., announced last week that it had censured and fined asset manager Stifel, Nicolaus & Company of St. Louis and two individuals in connection with the illegitimate sale of class B mutual fund shares.

NASD Regulation found that Michael Grimes, an employee of Stifel, made unsuitable sales totaling $7 million to 44 customers between June 1996 and May 1998, according to the announcement.

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