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FINRA fines Benjamin Edwards $750k for ecomms recordkeeping failures

Image of a mobile phone showing some messaging apps.
Photo: Anna Barclay/Getty Images

Julie DiMauro

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FINRA noted the case involved “at least 3,560 text messages” about firm business, including sensitive personal information and investment advice.

Failure to supervise employee text messages has led to a censure and $750,000 fine for a St Louis-based advisory firm.

Benjamin F Edwards & Co (a dually-registered broker-dealer/investment advisory firm) agreed to the penalty, according to a recent Financial Industry Regulatory Authority (FINRA) settlement, after the supervision failure that occurred between

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