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NASD Probes Brokerage Firms' Hedge Fund Recommendations
NASD has written to ten firms, including Citigroup, Merrill Lynch and UBS, seeking evidence to determine if these brokerage firms took advantage of investors by selling them unsuitable products and doing so without sufficient risk disclosure.
The letter targets sales of hedge funds to those investors who invested $50,000 or less.
Source: Bloomberg.com, 8/18/05
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