NASD last week fined four firms for violating mutual fund sales rules.
MML Investors Services Inc., a unit of Massachusetts Mutual Life Insurance Co., was fined $473,000 by the regulator for improper sales of class B fund shares; NYLife Securities LLC, part of New York Life Insurance Co., was fined $345,000 for the same violation.
Ameriprise Financial Inc.'s Securities America Inc. was fined $322,000 for improper sales of class B and C fund shares. Northwestern Mutual Investment Services LLC, a unit of Northwestern Mutual Life Insurance Co., was fined $100,000 for having inadequate supervision to ensure that clients received proper "net asset value" prices on share transactions.
MML agreed to reimburse $2.56 million to customers who were overcharged, and Northwestern agreed to reimburse $2 million, NASD said Thursday.
