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Article: National Association of Securities Dealers Fines RBC Dain Rauscher, Subsidiary.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- March 16, 2002
CopyrightCOPYRIGHT 2002 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Tim Huber, Saint Paul Pioneer Press, Minn. Knight Ridder/Tribune Business News
Mar. 16--The National Association of Securities Dealers has disciplined Minneapolis brokerage RBC Dain Rauscher and the brokerage subsidiary of St. Paul-based Minnesota Life in separate cases.
Dain was censured and fined $15,000 for allegedly failing to maintain adequate procedures to review large purchases of mutual fund shares to determine whether customers would save money if they bought one class of share over another. Gary Hayden, a Dain broker in Seattle, was fined $15,000 and suspended for 10 days for allegedly recommending that customers buy class B mutual fund ...
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700+ words
... ... Visit PioneerPlanet, the World Wide Web site of the Saint Paul Pioneer Press, at http://www.pioneerplanet.com ----- (c) 1997, Saint Paul (Minn.) Pioneer Press. Distributed by Knight ...
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