Continuing its financial and insurance industry crackdowns, the regulatory body NASD announced July 6 that has fined Hornor, Townsend & Kent Inc. of Horsham, Pa. $325,000 for conducting six illegal sales contests over a two-year period. Between 2001 and 2003 HTK held national sales contests based on the sale of variable life and annuity products offered by Penn Mutual Life Insurance Company, HTK’s parent company. NASD found that in determining the winners of the sales contests HTK gave ...

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