Electronic records retention violations continue
LOSSES & LAWSUITS
Quick & Reilly, Fleet Specialist and Fleet Securities, all of New York, were penalised for violating New York Stock Exchange (NYSE) Rule 440, Section 17(a) of Securities Exchange Act of 1934 and Rule 17a-4(b)(4) thereunder by failing to preserve electronic communications.They also violated NYSE Rule 342 by failing to reasonably supervise and implement adequate controls, including a separate system of follow-up and review, with respect to retention of electronic communications.
Quick & Reilly, Inc. was fined $200,000; Fleet Specialist $200,000 and Fleet Securities $350,000 for the violations. All the firms consented to the penalties.
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