Description
NASD Regulation, Inc. Censured seven brokerage firms for engaging in the practice of yield burning and ordered them to pay a total of $21.4 million to the U.S. Treasury, under an agreement with the Internal Revenue Service and the United States Attorney for the Southern District of New York, and to pay disgorgement directly to 38 municipal issuers. The NASD press release did not specify how much each firm would pay. That information was obtained from an April 7, 2000 Associated Press article retrieved via Nexis. For more info visit https://web.archive.org/web/20041019230709/http://www.nasdr.com/news/pr2000/ne_section00_081.html