BROWSE BY TOPIC
Stories of Interest
- Canada's CIBC Completes $5Bn PrivateBancorp Buy
- Word ‘Women’ Literally Never Appears in U.S. Senate’s 142-Page Health-Care Bill
- Stephen Pierce, Goldman Sachs Global Head of Equity Markets, To Retire
- Al Gore 'Not Very Smart,’ But Became Filthy Rich Using Simple Investing Formula - Charlie Munger
- U.S. Regulators, Lawmakers Support Volcker Rule Revamp at Hearing
- Morgan Stanley Opts for Frankfurt as New EU Hub
- A New Risk for Goldman, Morgan Stanley in Stress Tests (subsc reqd)
- A Trump Bump for Law Firm of President’s Lawyer - Kasowitz Benson Torres
- JPMorgan, BofA, Goldman, Citi, Wells Fargo Pass Fed's Stress Test
- Blackstone Stock Still Trading at $31 - Its IPO Price From 10 Years Ago
- NJ Resident and NY-Based Global FX Club Charged with Solicitation Fraud, Misappropriation - CFTC
- Senate Republicans Release Plan to Replace Obamacare - The Details
- Berkshire Hathaway Throws $1.5Bn Lifeline to Canada's Home Capital
- Inside Nomura: Day in the Life of a Junior Banker
- Inside Travis Kalanick’s Resignation as Uber’s C.E.O.
- Creative Planning, KS Investment Firm, Spurring Change on Wall Street
- SEC Obtains Judgment Against Attorney Who Defrauded Escrow Clients
- SEC Files Fraud Charges Against Stock Promoters in Market Manipulation Scheme
- Power Lunches and Dinners in New York, London, Washington
- Banks to Cut $1.2Bn in Research Spending, Analyst Jobs - McKinsey
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
NEWSLETTERS & ALERTS
WWW: B/D's Still Committing Common Email Violations - FINRA
First Midstate, an investment banking firm based in Bloomington, IL, agreed to pay $12.5K to settle FINRA charges related to business-related email communications in the required format.
ABOUT THE FIRM. First Midstate, a FINRA member since 1963 and a municipal securities dealer, has 5 registered reps. According to its web-site, the firm promotes its 50-plus years experience in the formulation, voting and marketing of Illinois muni bonds. First Midstate does not have relevant formal disciplinary history.
FINRA’S SPECIFIC FINDINGS. Between 9/12/11 and 10/31/15, First Midstate allegedly committed the following violative actions: (i) failed to maintain business-related email communications in the format required by SEC Rule 17a-4; and, (ii) failed to review its RR’s email communications sent via mobile phones.
Prior to its retention of a 3rd-party electronic storage media provider in 2015, First Midstate stored its business-related e-correspondence on the Firm's email server, which had off-site duplicate retention. However, the server (and thus the communications stored on it):
- was not readily accessible,
- did not maintain images and organize indices available for easily readable projection, production, and enlargement;
- was not subject to an audit system;
- did not preserve emails exclusively in a non-rewriteable, non-erasable format;
- did not automatically verify the quality and accuracy of the storage media recording process.
Additionally, the firm was using a computer application to review e-communications that didn't capture email communications sent by registered reps from handheld devices while out of the office. OOPS!
This case was reported in FINRA Disciplinary Actions for March 2017.
For details on this case, go to … FINRA Disciplinary Actions Online, and refer to Case #2013039239102.