Wachovia Securities was fined $2 million by the NASD for improperly supervising its fee-based brokerage business between 2001 through 2004.

Wachovia also has to identify and pay reimbursement to 1,300 customers who were wrongly allowed to maintain fee-based accounts or charged accounts fees on Class A mutual fund share holdings for which they had already paid a sales load. The firm has to hire an outside consultant to see that the process is followed.

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