Piper to pay $700K fine over e-mails



Via Minneapolis-St.Paul Business Journal

“Piper Jaffray & Co. will pay a $700,000 fine after it failed to save about 4.3 million e-mails sent during a six-year period, the Financial Industry Regulatory Authority (FINRA) said Monday.

FINRA, a non-governmental regulator of securities firms, said the Minneapolis-based investment bank did not disclose that it wasn’t retaining the e-mails. The issue was discovered when FINRA requested documents as part of an investigation into a former Piper employee.”

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