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Latest News  + Broker/Dealers  + Economy  + Financial Advisory  + Markets  + Regulation  + RIAs & Financial Advisors  |  September 29, 2023
SEC Hits 10 Firms with Widespread Recordkeeping Failures
Joe Palmisano
By: Joe Palmisano

SEC Hits 10 Firms with Widespread Recordkeeping Failures

The US Securities and Exchange Commission (SEC) has charged five broker-dealers, three dually registered broker-dealers and investment advisors, and two affiliated investment advisors for “widespread and longstanding failures to maintain and preserve electronic communications.”

The firms admitted that their conduct violated recordkeeping provisions of the federal securities laws and agreed to collectively pay $79 million in penalties.

Interactive Brokers agreed to pay $35 million; Robert W. Baird & Co. Inc. $15 million; William Blair & Company LLC and affiliate William Blair Investment Management LLC $10 million; Nuveen Securities LLC $8.5 million; Fifth Third Securities Inc. $8 million; and Perella Weinberg Partners LP (Perella Weinberg), together with Tudor, Pickering, Holt & Co. Securities LLC (TPH) and Perella Weinberg Partners Capital Management LP (Perella Weinberg Capital), $2.5 million.

According to the SEC, broker-dealer businesses stated that, beginning in 2019, the staff communicated about their employers’ business via personal text messages, while investment advisor firms admitted that their employees sent and received off-channel communications.

In August, the SEC charged 11 Wall Street firms with similar recordkeeping failures. The 11 agreed to pay $289 million collectively.

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About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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