Securities America Fined For Directed Brokerage

The NASD has fined Securities America $375,000 for improperly sharing $280,000 in directed-brokerage commissions, plus other payments, with former broker Michael Bullock, a 16-year veteran of the firm who worked in the Los Angeles area. The NASD also said that Securities America failed to properly supervise Bullock to ensure that he disclose his directed-brokerage commissions to his union-sponsored retirement plan clients.

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