Each firm used unapproved communication methods, or off-channel communications, to send and receive messages that were required to be maintained under the securities laws, the SEC said.
In a decision rendered in the final days of the Gary Gensler-led SEC (he steps down on January 20), the agency announced multi-million dollar penalties for investment advisors and broker dealers resulting from recordkeeping failures.
A combined $63.1m in fines were handed out to 12 firms – nine investment advisors and
The SEC
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