NASD said Tuesday that it had ordered Diversified Investors Securities Corp., a mutual fund company, to pay more than $2.2 million in fines and restitution for allegedly allowing market timing in its international equity fund.
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The Purchase, N.Y., fund company neither admitted nor denied the allegations. The industry regulator said the penalty includes a $1.3 million fine and nearly $950,000 of restitution to the fund. The settlement covered accusations of supervisory breaches and e-mail failures.
