More than 400 NASD member firms have charged, in a petition, agency enforcers with harassing broker-dealers to pressure them to settle charges and pay fines, Investment News reports. Among the allegations, according to IN, are that NASD staffers would threaten to charge broker-dealer executives separately if their firms refuse to settle or pay damages. Also, if a firm refused an NASD settlement offer, the agency would look further to come up with additional charges and larger fines. The NASD ombudsman reportedly is “reviewing the allegations,” agency spokeswoman Sarah Bohn said in a statement.
