SECURITIES INDUSTRY
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4 Japanese Brokerages Fined: The Tokyo Stock Exchange levied a $21,700 fine against Naigai Securities Co., Aizawa Securities Co., Meiko Securities Co. and Izumi Securities Co. for compensating clients for stock losses. The Japan Securities Dealers Assn. said the compensation totaled $6.3 million for 92 clients between October, 1987, and March, 1990. Under Japanese law, compensating clients was not illegal, but it violated Finance Ministry guidelines and angered investors who were not compensated.
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