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$9 Million for Email 'Failures'

Created: 25 May 2013 • Updated: 29 May 2014 • 2 comments
TonySterling's picture
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I stumbled across this article the other day. LPL Fined $9 Million for Email 'Failures' here and also

Some excerpts from the WSJ article:

Recently LPL Financial Holdings Inc. agreed to pay at least $9 million to end allegations by regulators that the brokerage firm was plagued by "systemic email failures" but did too little to fix them.

and this one:

The breakdowns included failing to review more than 28 million emails sent or received by thousands of brokers. That meant LPL didn't keep sufficient track of what brokers told clients by email.

Then there is this:

In addition, LPL didn't "review or archive" about 3.5 million messages sent using Bloomberg terminals in a seven-year period, Finra said. And when LPL "switched to a cheaper email archive provider" in 2009, snafus with the new system caused the brokerage firm to lose access to 280 million emails for five months, Finra said.

It looks like they were trying to meet their obligation but may have chosen wrongly. Thanks to the email museum I found this: and then also the complete press release on Bloomberg,

The purpose of this post isn't to disparage anyone but rather point out how critical it is to choose correctly when deciding on technology to be able to comply with governing regulations.  In this open letter the EV Team reached out to all CA Customers, to underline the benefits of Enterprise Vault and what it has to offer.

If you don't have systems in place to manage and monitor your email systems or even if you do but they aren't doing the job please feel free to contact me for more information about Enterprise Vault and our migration services. 

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AndrewB's picture

Very valuable post, Tony. Well worth the read.

Andy Becker | Authorized Symantec Consultant | Trace3 | Symantec National Partner |

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TonySterling's picture

Thanks Andy, here is the link to the announcement on FINRA's website:

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