Piper Jaffray Cos. was fined $2.4 million by the NASD on Monday for improper sales of initial public offerings to executives from companies including Liquid Audio Inc. and GoAmerica Inc.
The agency accused the securities firm of "spinning" hot IPOs from 1999 to 2002, offering shares to 22 executives to try to win investment banking business. The executives, mostly chief executives and chief financial officers in publicly traded companies, made a total of $2.4 million in profit, said the NASD, formerly the National Assn. of Securities Dealers.
