MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Friday, March 19, 2010 Finra Slaps Foreside with a $100K Fine The Financial Industry Regulatory Authority has fined Portland, Maine-based Foreside Distribution Services $100,000 over its alleged failure to maintain and preserve all of its business-related electronic communications. Foreside consented to the sanctions without admitting or denying Finra's findings. "We have no comment on the settlement," said Foreside chief operating offier Dave Whitaker. According to Finra, Foreside Distribution Services did not have custody or control over records of business-related electronic communications that its investment adviser clients sent or received. Foreside did not have adequate system in place to ensure that the electronic communications were retained and easily accessible to the firm, according to Finra. Printed from: MFWire.com/story.asp?s=31703 Copyright 2010, InvestmentWires, Inc. All Rights Reserved |