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Brokerage Firms to Pay $8.3 Million for Failure to Keep Emails
Five major firms (so far) have agreed to pay a fine to the SEC for failure to keep, and failure to produce to the SEC in regulatory investigations, emails to / from company employees.
The firms are Morgan Stanley, Salomon Smith Barney, U.S. Bancorp Piper Jaffray, Deutsche Bank and Goldman Sachs, and they each will pay about $1.65 million to settle SEC charges. These penalties, albeit sizable for books and records violations, come in the midst of the incriminating emails produced by other firms such as Merrill Lynch.
Source: Wall Street Journal, November 18, 2002
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Sponsored by James J. Eccleston, an attorney representing stockbrokers, financial planners and
investors nationwide in arbitration, litigation and regulatory matters, and a shareholder with the law firm
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P.C.(www.snsfe-law.com). This Web site contains material
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