Defendant Name: BNY Mellon Securities Corporation

Defendant Type: Subsidiary of Public Company

Document Reference: 2024-98_3-22009

Document Details

Legal Case Name In the Matter of BNY Mellon Securities Corporation and Pershing LLC
Document Name Twenty-Six Firms to Pay More Than $390 Million Combined to Settle SEC's Charges for Widespread Recordkeeping Failures
Document Date 14-Aug-2024
Document Format Administrative Proceeding
File Number 3-22009
Allegation Type Broker Dealer
Document Summary 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."

Disgorgement & Penalty Information

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

Civil Penalty

(Penalty was noted in document, but no amount was listed)

Related Documents:

34-100712 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 Section 203(e) 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 BNY Mellon Securities Corporation and Pershing LLC: "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")."

Other Defendants in Action:

Pershing LLC