NASD slaps $5m fine on bond markup banks
Four banks have accepted the penalties for overcharging or underpaying investors
The National Association of Securities Dealers (NASD), the self-regulatory organization for brokerage firms, has reached a settlement with four Wall Street banks on 18 separate instances of overcharging corporate bond investors who bought high-yield bonds and underpaying them when they sold. Citigroup, Goldman Sachs, Deutsche Bank and Miller Tabak Roberts Securities will each pay $5 million in fines for trading violations that occurred between 2000 and 2002. The NASD is now raking through data
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