It was a banner year for the NASD on the regulatory front.
The securities industry's self-regulatory association collected $102 million in fines, about triple last year's amount. The surge in fines stemmed from a number of significant enforcement actions involving the sale of mutual funds, variable annuities and corporate bonds.
In all, the NASD brought 1,360 enforcement actions and suspended 830 individuals from working in the securities business.
Many of the mutual fund enforcement actions brought by the NASD the past year were related to the trading investigation launched 15 months ago by New York Attorney General Eliot Spitzer. The NASD disciplined 120 securities firms and individuals for engaging in either improper trading of mutual fund shares or unethical mutual fund sales practices.
Some of the stiffest fines handed down by the NASD stemmed from an investigation into allegations that Wall Street firms were charging excessive fees in the sale of corporate bonds.
, each agreed to pay $5 million in fines and restitution to settle the matter.