SEC probes Lazard gifts

Private investment bank Lazard said in a regulatory filing on Friday that the NASD and SEC are investigating the company over gifts and gratuities.

It said in an amended prospectus for its planned 850 million initial public offering that it has received a letter from industry regulator NASD as part of what it believes to be an industry-wide investigation into gifts and gratuities. Lazard said it has also received a subpoena from the US Securities and Exchange Commission SEC seeking information about gifts and entertainment involving an unnamed mutual fund firm. 8212;Reuters