The SEC on Wednesday announced that more than two dozen financial firms had agreed to pay nearly $400 million combined in fines over recordkeeping failures, extending the agency’s yearslong crackdown on electronic communications compliance in the financial sector. Three firms that self-reported their lapses received significantly lower penalties.
A total of 26 financial institutions, including broker-dealers, investment advisers and dually registered broker-dealer/investment advisers agreed to pay a combined $393 million and have begun improving their compliance programs to address the lapses, the SEC said in a statement.
The firms and their penalties:
- Ameriprise Financial Services, $50 million
- Edward D. Jones & Co., $50 million
- LPL Financial, $50 million
- Raymond James & Associates, $50 million
- RBC Capital Markets, $45 million
- BNY Mellon Securities Corp., together with Pershing, $40 million
- TD Securities (USA), together with TD Private Client Wealth and Epoch Investment Partners, $30 million
- Osaic Services, together with Osaic Wealth, $18 million
- Cowen and Company, together with Cowen Investment Management, $16.5 million
- Piper Sandler & Co., $14 million
- First Trust Portfolios, $8 million
- Apex Clearing Corp., $6 million
- Truist Securities, together with Truist Investment…
