WASHINGTON — David Lerner Associates Inc. has agreed to pay about $4.3 million in fines and restitution for charging excessive markups on transactions of municipal bonds and collateralized-mortgage obligations between 2005 and 2012.

The payments, announced Monday by the Financial Industry Regulatory Authority, are part of a larger, $14 million settlement FINRA reached with the Syosset, N.Y.-based firm. The majority of fines and restitution relate to excessive markups and other violations related to the firm’s sale of shares of a real-estate investment trust.

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