NASD Inc. fined three units of MetLife Inc. an aggregate of $5 million for allegedly improper mutual fund share trading, it announced Tuesday.
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NASD said it fined MetLife Securities Inc. of New York, New England Securities Inc. of Boston, and Walnut Street Securities Inc. of St. Louis. The three companies neither admitted nor denied wrongdoing in settling the charges with the industry self-regulatory body.
The MetLife units were accused of “providing inaccurate and misleading information to the NASD, allowing late trading of mutual funds, failing to produce e-mails in a timely fashion, and other conduct that violates NASD’s rules.”
