‘Widespread recordkeeping failures’ – SEC charges mean 26 firms pay more than $390m combined

Three of the firms received credit for self-reporting.

The SEC has charged 26 broker-dealer, investment adviser and dually registered firms $392.75m in combined civil penalties for “widespread and longstanding” failures to maintain and preserve electronic communications that their employees sent and received.

Each of the firms admitted to engaging in conduct that “violated recordkeeping provisions of the federal securities

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