Defendant Name: Cowen Investment Management LLC

Defendant Type: Subsidiary of Public Company
Public Company Parent: The Toronto-Dominion Bank
SIC Code: 6021
CUSIP: 89116050

Initial Case Details

Legal Case Name In the Matter of Cowen and Company, LLC and Cowen Investment Management LLC
First Document Date 14-Aug-2024
Initial Filing Format Administrative Action
File Number 3-22007
Allegation Type Broker Dealer

Violations Alleged

Other
• Failure to supervise under Section 203(e)(6) Advisers Act

Resolutions

First Resolution Date 14-Aug-2024
Headline Total Penalty and Disgorgement $16,500,000

Related Documents:

34-100710 14-Aug-2024 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Sections 15(b) and 21C of the Securities Exchange Act of 1934 and Sections 203(e) and 203(k) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
On August 14, 2024, the SEC instituted administrative and cease-and-desist proceedings against Cowen and Company, LLC and Cowen Investment Management LLC, stating: "These proceedings arise out of the widespread and longstanding failure of Respondents’ personnel, including at senior levels, to adhere to certain of these essential requirements and Respondents’ own policies. Using their personal devices, these personnel communicated both internally and externally by text messages, and/or other unapproved written communications platforms, such as WhatsApp (“off-channel communications”)."
2024-98_3-22007 14-Aug-2024 Press Release--Administrative Proceeding
Twenty-Six Firms to Pay More Than $390 Million Combined to Settle SEC's Charges for Widespread Recordkeeping Failures
On August 14, 2024, the SEC "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."

Other Defendants in Action:

Cowen and Company, LLC