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.
Armie Margaret Lee
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