The Financial Industry Regulatory Authority has ordered five firms to pay $117,425 in fines and restitution to customers for violation of municipal securities trade, pricing and supervisory rules.

Morgan Stanley Smith Barney LLC was fined the highest amount, $45,000, followed by Prager & Co., at $27,500, Merrill Lynch, Pierce, Fenner & Smith Inc., which was ordered to pay a $17,500 fine and $7,425 in restitution to customers, Duncan-Williams Inc. at $10,000 and Van Kampen Funds Inc. at $10,000.

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