U.S. Bancorp and 15 others fined $81 million for record-keeping failures by SEC
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The Securities and Exchange Commission (SEC) has fined U.S. Bancorp and 15 other financial companies a total of $81 million for failing to properly maintain and preserve electronic communications. The companies used 'off-channel' communications, such as personal text messaging services, instead of official company platforms. The fined companies include U.S. Bancorp's investment subsidiary, Oppenheimer & Co. Inc., three Northwestern Mutual entities, Guggenheim Securities and Guggenheim Partners Investment Management LLC, Cambridge Investment Research Inc. and Cambridge Investment Research Advisors Inc., two KeyCorp subsidiaries, two Lincoln National Corp. subsidiaries, and three Huntington Bank subsidiaries. The SEC sees record keeping as essential for enforcing securities laws and has been cracking down on firms using non-preserved communication channels. This action follows a $125 million fine against JPMorgan Securities in 2021. Huntington Bank received a smaller penalty of $1.25 million due to its voluntary self-report and cooperation.

#Sec #U.s.Bancorp #FinancialCompanies #Record-keepingFailures #Off-channelCommunications

https://www.marketwatch.com/story/u-s-bancorp-and-15-others-fined-81-million-for-record-keeping-failures-by-sec-c479e3d7