Piper Jaffray said in a SEC filing Wednesday that it has found three cases in which customers pursued market timing trading activities in funds. It also said that it disciplined two unidentified employees in the matter.

The admission came after the Minneapolis-based broker-dealer conducted an internal inquiry into fund trading practices at the firm.

U.S. Bancorp, the owner of Piper Jaffrey is preparing to spin the broker-dealer off as a separate entity in January.  

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