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That figure, however, excludes many rapid trades made every day.
Fund companies allowed certain investors to make these rapid trades, even when their prospectuses said they discouraged the practice.
Judge Jones acknowledged that the risk of changes in the price of the stock in such rapid trades was minimal.
The Jefferson Pilot Variable Corporation, a brokerage firm, agreed to pay $564,000 for failing to stop rapid trades in its variable universal life insurance policies, NASD said.
In fact, MFS, which is based in Boston and oversees about $140 billion, let favored clients engage in rapid trades known as market timing, the S.E.C. said.
In return, according to the Securities and Exchange Commission, Alliance executives gave him permission to make rapid trades -- at the expense of other mutual fund shareholders.
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The company has said that some rapid trading occurred in its foreign funds.
It also has restrictions on market timing, or rapid trading of shares in mutual funds.
Putnam's policy said that it would police and prevent anyone from carrying out rapid trading, known as market timing.
The changes come as Janus is struggling to put an examination of rapid trading in its funds behind it.
The employees aided market timing, or the rapid trading of mutual fund shares for short-term gains, the executive said.
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