Broker and Compliance Officer of Broker-Dealer Firm Personally Fined by SEC for Customer Privacy Violations

Posted on April 12, 2011 by Jeff Neuburger

On April 7, 2011, the SEC announced that it had imposed fines of $20,000 each against the former president of a broker-dealer and a former broker for their actions in transferring customer information to a new firm as the defunct firm wound down. The SEC also fined the brokerage firm’s former chief compliance officer $15,000 for compliance failures and security breaches that took place at the defunct firm, some dating back to 2005. Click here to read our client alert about the SEC's recent action.

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