February 9, 2024
Five broker-dealers, seven dually registered broker-dealers and investment advisers, and four affiliated investment advisors have been ordered to pay more than
$81 million in total for longstanding, widespread violations of the recordkeeping provisions of the Investment Advisers Act of 1940. The firms were found to have failed to maintain and preserve electronic communications since at least 2019. The firms include
Northwestern Mutual Investment Services LLC,
Northwestern Mutual Investment Management Co. LLC, and
Mason Street Advisors LLC, who will pay
$16.6 million;
Guggenheim Securities LLC and
Guggenheim Partners Investment Management LLC, who will pay
$15 million;
Oppenheimer & Co. LLC, who will pay
$12 million;
Cambridge Investment Research Inc. and
Cambridge Investment Research Advisors Inc., who will pay
$10 million;
Key Investment Services LLC and
KeyBanc Capital Markets Inc., who will pay
$10 million;
Lincoln Financial Advisors Corp. and
Lincoln Financial Securities Corp., who will pay
$8.5 million;
U.S. Bancorp Investments Inc., who will pay
$8 million; and
The Huntington Investment Company,
Huntington Securities Inc., and
Capstone Capital Markets LLC, who will pay
$1.25 million.
SEC
