Tag: recordkeeping

16 Wall Street Firms admit to Recordkeeping Failures, agree to pay $1.1 billion in penalties

The SEC charged 15 broker-dealers and one affiliated investment adviser for widespread and longstanding failures by the firms and their employees to maintain and preserve electronic communications. The firms admitted the facts set forth in their respective SEC orders, acknowledged that their conduct violated recordkeeping provisions of the federal securities laws. The following eight firms (and five affiliates) have agreed…