Seven broker-dealers settled allegations with the Securities and Exchange Commission Wednesday that they had failed to disclose they were paid for providing research coverage of certain public companies.
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Needham & Co., Janney Montgomery Scott, Morgan Keegan & Co., Prudential Equity Group, Adams Harkness Inc., Friedman, Billings, Ramsey & Co., and SG Cowen & Co. will pay a total of $3.65 million to settle the charges, the SEC said.
None of the companies admitted or denied the charges.
