Retention issue: Finra fines Piper Jaffray over e-mail archiving

May 25, 2010 @ 3:46 pm

By Dan Jamieson

Piper Jaffray and Co. was fined $700,000 by the Financial Industry Regulatory Authority Inc. for failing to retain e-mails.

Finra on Monday said the firm failed to keep 4.3 million e-mails from late 2002 through 2008, due to intermittent technical issues with retention and retrieval.

The problem came to light after Finra asked Piper for an electronic version of a hard-copy e-mail the regulator had obtained during a separate investigation.

Only then did the firm inform Finra of the retention issues, Finra said.

The firm settled the charges without admitting or denying the charges. A spokeswoman for Piper Jaffray was not available for comment.

The retention failures occurred despite the fact that Piper was required to review and certify its e-mail retention systems as part of the 2003 global research settlement, Finra said.


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