Piper Jaffray Ordered To Pay $700,000 By FINRA for Allegedly Failing to Retain Emails In Violation Of Federal Securities Law And NYSE, NASD and FINRA Rules.
The Financial Industry Regulatory Authority (FINRA) has issued an order requiring Piper Jaffray & Co. to pay a monetary fine of $700,000 for violations related to its alleged failure to retain approximately 4.3 million emails from November 2002 through December 2008, according to a May 24, 2010 FINRA securities & investment regulatory press release.
Piper Jaffray also reportedly failed to disclose its email retention and retrieval issues to FINRA, which may have affected Piper Jaffray’s ability to comply with email extraction requests from FINRA or to respond to email requests from other regulators or from parties in civil litigation or arbitrations. Piper Jaffray also agreed to a censure.
In settling this matter, Piper Jaffray neither admitted nor denied the charges, but consented to the entry of FINRA’s findings.
In U.S. Bancorp Piper Jaffray Inc., Case No. 02-227 (NYSE Hearing Board November 15, 2002) Piper Jaffray was previously disciplined for violations regarding its alleged failure to preserve electronic email communications as required by NYSE & NASD Rules and federal securities laws. In that case, Piper Jaffray reportedly consented to a censure and sanction of $1,650,000 by the Securities & Exchange Commission, New York Stock Exchange and NASD arising from investigations of Piper Jaffray’s alleged conflicts of interest between its investment banking and research departments.
For more information on Piper Jaffray’s settlement of alleged rule violations, read Piper Jaffray’s financial regulatory authority letter of acceptance, waiver and consent, No. 20090197795.
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