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WASHINGTON (AP) -- The investment division of Fleet Financial Group has agreed to. pay $1.9 million to settle charges by federal regulators that Shawmut National Bank of Boston, which Fleet later acquired, misused brokerage commissions to pay for client referrals.
The Securities and Exchange Commission announced the settlement. It also filed related fraud charges against East West Institutional Services Inc., a Detroit brokerage firm, and eight individuals, including Michael J. Rothmeier, the former president of Shawmut's investment operation.
Fleet and two of the individuals agreed to settle the civil fraud charges, without admitting or denying wrongdoing. …