Three Brokerages Agree to Pay $5.8 Million in Market-Timing Probe

Three brokerage firms have agreed to pay a total of $5.8 million to resolve regulators' allegations that they allowed improper trading in mutual funds by favored clients to the detriment of long-term shareholders. The National Association of Securities Dealers, the brokerage industry's self-policing organization, announced on Monday the separate settlements over allegations of so-called "market-timing" abuses by First Allied Securities Inc., ING Fund Distributors and Janney Montgomery Scott LLC.

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Three Brokerages Agree to Pay $5.8 Million in Market-Timing Probe

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