NEW YORK Dec 21 The Financial Industry
Regulatory Authority said it fined several Wells Fargo & Co
businesses, RBC Capital Markets, LPL Financial
and others a combined $14.4 million on Wednesday for
record-keeping problems that may have allowed company and
customer documents to be altered.
The securities industry's self-regulator found that the
firms failed to keep hundreds of millions of electronic
documents in a "write once, read many" format, which would have
made it impossible to alter or destroy records after they were
The firms agreed to the fines but neither admitted nor
denied the charges.
FINRA did not say documents had been changed but said the
records were "pivotal to the firms' brokerage businesses."
The regulator fined Wells Fargo's securities, prime
brokerage, brokerage and independent wealth management
businesses. It also named RBS Securities, SunTrust
Robinson Humphrey, Georgeson Securities Corp and PNC Capital
Wells Fargo spokeswoman Elsie Wilkinson said the firm took
record-keeping compliance seriously.
"We self-reported these issues to FINRA and continue to
remediate as agreed," Wilkinson said in an emailed statement.
RBC, LPL and the other companies named did not immediately
respond to requests for comment.
(Reporting by Elizabeth Dilts; Editing by Lisa Von Ahn)