SEC Charges 16 Wall Street Firms with Widespread Recordkeeping Failures

To Pay Penalties Totaling More than $1.1 billion

Date:

Author: Funds Society, Miami

The firms cooperated with the investigation by gathering communications from the personal devices of a sample of the firms’ personnel

The failings occurred across all of the 16 firms and involved employees at multiple levels of authority, including supervisors and senior executives

In addition to the significant financial penalties, each of the firms was ordered to cease and desist from future violations of the relevant recordkeeping provisions and were censured