NASD has fined the former Newark-based brokerage unit of Prudential Financial Inc. $2 million charging that several hundred annuity sales violated NASD and New York State Insurance Department rules, the Boston Globe reports.

NASD has also ordered the firm to pay affected customers of Prudential Securities $9.5 million. Prudential has agreed to pay the fines but will not admit or deny the charges.

So far, the unit has paid $8 million of the $9.5 million, according to a spokesman Robert DeFillippo.

"Prudential discovered this matter and promptly notified the proper regulators. And we have been cooperating with the regulators," he said.  

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