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Rating:Finra Slaps Foreside with a $100K Fine Not Rated 5.0 Email Routing List Email & Route  Print Print
Friday, March 19, 2010

Finra Slaps Foreside with a $100K Fine

News summary by MFWire's editors

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. 

Edited by: Armie Margaret Lee


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