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.

  • LinkedIn  
  • Save this article
  • Print this page  

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact [email protected] to find out more.

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: