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

Tagged in: Financial Institution Fraud,