The National Association of Securities Dealers said it has fined Merlin R. Gackle, a former chairman and chief executive officer of Invest Financial Corp., for failing to adhere to supervisory procedures.

Mr. Gackle was fined $20,000 for violations including failing to address the Tampa, Fla., company's written supervisory procedures, the regulator said Tuesday.

Mr. Gackle agreed to the fine without admitting to the violations, the NASD said.

Invest agreed to a $75,000 fine in February; it also did not admit to the violations.

Mr. Gackle headed IFC Holdings Inc., Invest's parent, until November, when he joined St. Petersburg, Fla.-based Multitech Brokerage Solution. He was an executive vice president and director of business development at Multitech, which merges companies to later take them public.

Frank J. Portland, Multitech's president and chief executive, said Mr. Gackle left the company several weeks ago to pursue other opportunities. He declined to elaborate.

Mr. Gackle did not return phone calls.

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.