RIA Charged with Failure to Maintain Electronic Communications (04/03/24)
The SEC announced the first standalone enforcement action against an RIA, Senvest Management, LLC, for widespread and longstanding failures to maintain and preserve electronic communications. The firm settled the action agreeing to pay a $6.5 million penalty and engage an independent compliance consultant to review its 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.
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