An NASD arbitration panel has ordered Wachovia to pay a broker it fired three years ago over market timing allegations $3.8 million.

The brokerage firm fired Frederick J. O’Meally on Sept. 29, 2003, the same month that New York Attorney General Eliot Spitzer launched his investigation into market timing and late trading of mutual funds by hedge funds. O’Meally had worked at Wachovia as a broker for a number of hedge funds for four years.

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