SEC charges 16 Wall Street firms with widespread recordkeeping failures, firms agree to pay combined penalties of more than $1.1 bln, according to SECThe SEC announces charges against 15 broker-dealers and one affiliated investment adviser for widespread and longstanding failures by the firms and their employees to maintain and preserve electronic communications. The firms admitted the facts set forth in their respective SEC orders, acknowledged that their conduct violated recordkeeping provisions, agreed to pay combined penalties of more than $1.1 billion, and have begun implementing improvements to their compliance policies and procedures to settle these matters.
- The following eight firms (and five affiliates) have agreed to pay penalties of $125 mln each: Barclays Capital; BofA Securities (BAC); Citigroup (C); Credit Suisse (CS); Deutsche Bank (DB); Goldman Sachs (GS); Morgan Stanley (MS); and UBS Securities (UBS).
- The following two firms have agreed to pay penalties of $50 mln each: Jefferies (JEF); and Nomura Securities. Cantor Fitzgerald has agreed to pay a $10 mln penalty.
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