16 firms agree to settle charges for off-channel comms recordkeeping lapses

More fines have been issued by the SEC for failure to preserve electronic communications.

The SEC has announced charges against five broker-dealers, seven dually registered broker-dealers and investment advisers, and four affiliated investment advisers for what the regulator called widespread failures by the firms and their employees to maintain and preserve electronic communications.

The firms agreed to pay combined civil penalties of more than

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