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Stock Market & Financial Investment News

News Breaks
February 19, 2013
09:31 EDTINGFINRA fines five ING firms $1.2M for email retention, review violations
The Financial Industry Regulatory Authority announced that it has fined five affiliates of ING $1.2M for failing to retain or review millions of emails for periods ranging from two months to more than six years. The five firms, indirect subsidiaries of ING Groep N.V., are Directed Services, LLC; ING America Equities, Inc.; ING Financial Advisers, LLC; ING Financial Partners, Inc.; and ING Investment Advisors, LLC. FINRA found that the firms failed to properly configure hundreds of employee email accounts to ensure that the emails sent to and from those accounts were retained and reviewed at various times between 2004 and 2012. In addition, four of the firms failed to set up systems to retain certain types of emails, such as emails using alternative email addresses, emails sent to distribution lists, emails received as blind carbon copies, encrypted emails and "cloud" email. In addition, four of the firms failed to review millions of emails that the firms' email review software had flagged for supervisory review. In concluding the settlement, the firms neither admitted nor denied the charges, but consented to the entry of FINRA's findings. FINRA found that the firms violated the recordkeeping provisions of the federal securities laws and FINRA rules, and supervisory requirements under FINRA rules. FINRA also ordered the firms to conduct a comprehensive review of their systems for the capture, retention and review of email, and to subsequently certify that they have established procedures reasonably designed to address and correct the violations.
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