Defendant Name: U.S. Bancorp Investments, Inc.

Defendant Type: Subsidiary of Public Company

Document Reference: 2024-18_3-21854

Document Details

Legal Case Name In the Matter of U.S. Bancorp Investments, Inc.
Document Name Sixteen Firms to Pay More Than $81 Million Combined to Settle Charges for Widespread Recordkeeping Failures
Document Date 09-Feb-2024
Document Format Administrative Proceeding
File Number 3-21854
Allegation Type Broker Dealer
Document Summary On February 9, 2024, the SEC "announced charges against five broker-dealers, seven dually registered broker-dealers and investment advisers, and four affiliated investment advisers for widespread and longstanding failures by the firms and their employees to maintain and preserve electronic communications."

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order
Censured
Compliance Related Independent Consultant
Other Compliance Related Undertaking
Monetary Penalties:

Civil Penalty

Individual:     $8,000,000.00 Shared:    

Related Documents:

34-99505 09-Feb-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, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
On February 9, 2024, the SEC instituted administrative and cease-and-desist proceedings against U.S. Bancorp Investments, Inc., stating: "From at least January 2020, USBI employees sent and received off-channel communications that related to the business of the broker-dealer operated by USBI. Respondent did not maintain or preserve the substantial majority of these written communications. Respondent’s failure was firm-wide and involved employees at various levels of authority. As a result, USBI violated Section 17(a) of the Exchange Act and Rule 17a-4(b)(4) thereunder."