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Washington Square Securities, Inc.

Washington Square Securities, Inc. (CRD #2882, Des Moines, Iowa) received a censure and fine of $50,000. The firm was also ordered to pay $48,955.35 in partial restitution to public customers. According to the findings, the firm, acting through its agents, it effected, or caused to be effected, purchases of large positions of Class B mutual fund shares in the accounts of public customers that were unsuitable because they deprived the customers of the benefit of sales charge breakpoints, which they would have received had they purchased Class A shares, including those acquired through letters of intent or rights of accumulation. The regulators also found that these purchases deprived the customers of lower 12b-1 fees that they would have received had they purchased Class A shares and also exposed the customers to potentially higher contingent deferred sales charges upon liquidation. The firm accepted the fine and censure but did not admit or deny the accusations. (NASD Case #C04040015)

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