Piper Jaffray slapped with $700K fine for gaps in paper trail
Finra said last week that it has fined Piper Jaffray and Co. $700,000 for failure to retain e-mails.
Finra said last week that it has fined Piper Jaffray and Co. $700,000 for failure to retain e-mails.
The Financial Industry Regulatory Authority Inc. said Monday that the firm failed to keep 4.3 million e-mails from late 2002 through 2008 due to intermittent technical issues.
The problem came to light after Finra asked Piper for an electronic version of a hard-copy e-mail that the regulator had obtained during a separate investigation. Only then did the firm inform Finra of the retention issues, the regulator said.
The firm settled the charges without admitting or denying them. A spokeswoman for Piper Jaffray wasn’t available for comment.
The retention failures occurred despite the fact that Piper was required to review and certify its e-mail retention systems as part of a 2003 global-research settlement.
E-mail Dan Jamieson at [email protected].
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