[ by Melanie Gretchen ] The SEC reported that an investment bank and one of its principals submitted an AWC, fining the firm $65,000 and suspending the principal from association with any FINRA member in any capacity for 4 months.  The committee found that as a result of the firm's lack of e-mail supervision another representative of the bank was able to raise more than $5 million from investors without the firm's knowledge. SEC Findings. Through March 20, 2012, Institutional Capital Management and RR Daniel Lee are subject to the SEC suspension following findings that the firm allowed registered persons assigned to a branch office to use outside e-mail accounts to conduct firm business, even though the firm did not have a system or procedure in place to capture, preserve, and monitor those e-mails.  As a result, the firm failed to preserve all firm-related e-mail communications of registered persons assigned to that branch as required. In addition, the firm failed to perform any supervisory review of e-mail communications of registered persons assigned to that branch, and that Ritz let a firm RR engage in investment advisory activity through the representative's state-registered investment adviser and failed to supervise that activity. Although Ritz was the principal responsible for supervising the representative, he failed to supervise any facet of his investment advisory business, and was generally unaware of what it entailed.  As a result of Ritz's lack of supervision, the representative was able to engage in selling-away misconduct without the firm's detection, toward more than the $5 million, through sales of promissory notes. The SEC also found that the firm failed to obtain all required information for some customers who bought securities through the firm in private placement offerings. Due to Ritz's financial status, no monetary sanction was imposed. [FINRA]