WASHINGTON - A former Pennsylvania securities broker has been fined $2 million by the National Association of Securities Dealers based on charges that he sold $1.7 million in fictitious tax-exempt bonds and other investments to 18 investors.

But NASD said Clement W. McLaughlin Jr. of Yardley, Pa., who was also barred from the securities business, does not have to pay the fine unless he attempts to get future NASD approval to re-enter the business.

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