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Ameriprise, Edward Jones, BNY Mellon and other big names in wealth management have agreed to pay hefty fines, after a years-long sweep of 26 firms for "widespread and longstanding failures" to preserve electronic communications.
In an enforcement action announced on Wednesday, the Securities and Exchange Commission announced charges against 26 broker-dealers, investment advisers, and dually-registered broker-dealers and investment advisers for "widespread and longstanding failures" by the firms and their personnel to maintain and preserve electronic communications, said the SEC statement.
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