WASHINGTON -- The National Association of Securities Dealers announced yesterday that it has suspended Utah municipal dealer Bagley Securities Inc. for six months and fined two top officials of the firm $123,000 for charging excessive markups on municipal bonds.

Edward Bagley and Thomas Holloway sold municipal securities to retail customers at markups ranging from 5.8% to 46.6% over prevailing market prices and then failed to inform buyers, the NASD board of governors said. The board was ruling on an appeal of a decision by one of its districts.

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