The regulatory arm of the National Association of Securities Dealers Inc. said Wednesday that it had censured Lehman Brothers Inc. and fined it $100,000 for rules violations.

The NASD said the New York investment bank executed 50 impermissible short-sale transactions and failed to include required disclosure language on confirmations to customers who bought mutual funds.

Lehman was cited for inadequate supervision and other violations, which the NASD said occurred from February 1995 to February 1997.

Lehman Brothers did not admit or deny the findings, the NASD said. A spokesman for the firm declined to comment.

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