Eccleston Law LLC Investigates Fallout at Firms Fined by the SEC Over Electronic Communications

Posted on December 16th, 2022 at 1:34 PM
Eccleston Law LLC Investigates Fallout at Firms Fined by the SEC Over Electronic Communications

The SEC charged several broker-dealers with failure to maintain and preserve electronic communications, including text messages, assessing over $1 billion in fines.  According to the SEC press release, “The firms admitted the facts set forth in their respective SEC orders, acknowledged that their conduct violated recordkeeping provisions of the federal securities laws, 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.”

Each firm has begun to implement “improvements” but, at some firms, advisors and others complain about the process, the restrictions, the investigations, and the possible follow-on legal and regulatory ramifications.   

Accordingly, Eccleston Law LLC has begun investigations of the following firms on behalf of advisors and others:  

  • Barclays Capital Inc.;
  • BofA Securities Inc. together with Merrill Lynch, Pierce, Fenner & Smith Inc.;
  • Citigroup Global Markets Inc.;
  • Credit Suisse Securities (USA) LLC;
  • Deutsche Bank Securities Inc. together with DWS Distributors Inc. and DWS Investment Management Americas, Inc.;
  • Goldman Sachs & Co. LLC;
  • Morgan Stanley & Co. LLC together with Morgan Stanley Smith Barney LLC; and
  • UBS Securities LLC together with UBS Financial Services Inc.

Those advisors and others caught up in the “improvement” implementation process should contact the attorneys at Eccleston Law, LLC.

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