NASD Fines Schwab Unit for Alleged Lapses

Mayer & Schweitzer Inc., one of the largest wholesale dealers on the Nasdaq Stock Market, agreed to pay a $200,000 fine to settle regulators’ charges that it failed to arrange the best possible trades for several customers. The brokerage, based in Jersey City, N.J., neither admitted nor denied the National Assn. of Securities Dealers’ allegations as part of the settlement. The fine is the fourth assessed against Mayer & Schweitzer in about two years for trading offenses. “The events happened more than a year ago and no customer lost any money,” said Tracey Gordon, a spokeswoman for Mayer & Schweitzer. “The NASD agrees that the violation was not intentional and we have adopted new procedures to prevent it from happening again.” Mayer & Schweitzer, which has about 193 brokers, is a unit of Charles Schwab Corp.