The SEC charged 16 firms with widespread and longstanding failures by the firms and their employees to maintain and preserve electronic communications. The sweep involved multiple large well-known financial services firms, including five broker-dealers, seven dually registered broker-dealers and investment advisers, and four affiliated investment advisers. The firms each consented to settled actions with penalties ranging from $1.25 million, for a firm that proactively identified and self-reported its violations, to $16.5 million and combined penalties of more than $81 million. In addition to monetary penalties, each firm agreed to engage an independent compliance consultant to review their supervisory, compliance and other policies and procedures to ensure that electronic communications, including those found on personal devices, are preserved in accordance with federal securities laws.