Zero Hedge
By Tyler Durden – August 8, 2023
A combined $549 million in penalties have been announced against Wall Street firms that the Securities and Exchange Commission says “failed to maintain electronic records of employee communications”, according to a new report from CNBC.
The SEC put out a news release on Tuesday morning, announcing that it was charging 11 firms with “widespread” record keeping failures. The release “announced charges against 10 firms in their capacity as broker-dealers and one dually registered broker-dealer and investment adviser for widespread and longstanding failures by the firms and their employees to maintain and preserve electronic communications”.