FINRA Fines 5 ING Units $1.2 Million For Violations
Feb 19 Wall Street's industry-funded watchdog fined five affiliates of ING Groep NV a total of $1.2 million for not storing or reviewing millions of company emails, according to an announcement on Tuesday.
The Financial Industry Regulatory Authority found that the firms did not properly configure hundreds of employee email accounts to ensure that the messages sent to and from them were stored and reviewed at various times between 2004 and 2012, the regulator said.
Securities industry rules require brokerages to store and review emails for a certain period to ensure compliance with procedures and prevent potential wrongdoing.
ING, which agreed to the fine in a settlement with FINRA, neither admitted nor denied the allegations but consented to the entry of the regulator's findings. An ING spokesman was not immediately able to comment.
The five ING affiliates named in FINRA's action are Directed Services LLC, ING America Equities Inc, ING Financial Advisers LLC, ING Financial Partners Inc and ING Investment Advisors LLC.
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