WASHINGTON - The National Association of Securities Dealers this week fined a Florida firm $50,000 and expelled it from the securities business for allegedly trying to conceal its ownership of municipal bonds to avoid Securities and Exchange Commission rules.

The NASD charged that between April 1991 and September 1991, Adams, Block & Coe Securities of Fort Lauderdale, Fla., sold its roughly $1 million municipal bond portfolio at the end of each month to "non bona fide buyers" and bought it back at the same or a slightly higher price the beginning of the following month.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.