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BRIEF-FINRA fines 12 firms for failing to protect records from alteration
December 21, 2016 / 3:43 PM / 8 months ago

BRIEF-FINRA fines 12 firms for failing to protect records from alteration

Dec 21 (Reuters) - Financial Industry Regulatory Authority:

* FINRA fines 12 firms a total of $14.4 million for failing to protect records from alteration

* FINRA - Wells Fargo Securities, LLC and Wells Fargo Prime Services, LLC were jointly fined $4 million

* FINRA says RBC Capital Markets LLC and RBC Capital Markets Arbitrage S.A. were jointly fined $3.5 million

* FINRA - Wells Fargo Advisors, LLC, Wells Fargo Advisors Financial Network, LLC and First Clearing, LLC were jointly fined $1.5 million

* FINRA - each of the 12 firms had worm deficiencies that affected millions, and in some cases, hundreds of millions, of records pivotal to firms' brokerage businesses

* FINRA- RBS Securities, Inc. was fined $2 million

* FINRA - in settling matter, firms neither admitted nor denied charges, but consented to entry of FINRA's findings

* FINRA says found that three of firms failed to retain certain broker-dealer records Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 806 749 1136)

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