Defendant Name:
KeyBanc Capital Markets Inc.
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
KeyCorp
SIC Code:
6021
CUSIP:
49326710
Document Reference:
34-99500
Document Details
Legal Case Name
In the Matter of Key Investment Services LLC, and KeyBanc Capital Markets Inc.
Document Name
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
Document Date
09-Feb-2024
Document Format
Administrative Proceeding
Allegation Type
Broker Dealer
Document Summary
On February 9, 2024, the SEC instituted administrative and cease-and-desist proceedings against Key Investment Services LLC and KeyBanc Capital Markets Inc., stating: "From at least January 2019, KIS and KBCM employees sent and received offchannel communications that related to the broker-dealer businesses operated by KIS and
KBCM, and with respect to KIS’s investment advisory businesses related to recommendations
made or proposed to be made and advice given or proposed to be given. Respondents did not
maintain or preserve the substantial majority of these written communications. Respondents’
failures were firm-wide and involved employees at various levels of authority. As a result, KIS
and KBCM violated Section 17(a) of the Exchange Act and Rule 17a-4(b)(4) thereunder and KIS
violated Section 204 of the Advisers Act and Rule 204-2(a)(7) thereunder."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Compliance Related Independent Consultant
Other Compliance Related Undertaking
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Civil Penalty
Individual:
Shared:
$10,000,000.00
Shared with: Key Investment Services LLC
Other Defendants in Action:
