Defendant Name: CIBC Private Wealth Advisors, Inc.

Defendant Type: Subsidiary of Public Company

Document Reference: 2024-144_3-22160

Document Details

Legal Case Name In the Matter of CIBC World Markets Corp. and CIBC Private Wealth Advisors, Inc.
Document Name Eleven Firms to Pay More Than $88 Million Combined to Settle SEC's Charges for Widespread Recordkeeping Failures; One additional firm will not pay a penalty because it self-reported, self-policed, and demonstrated substantial efforts at compliance
Document Date 24-Sep-2024
Document Format Administrative Proceeding
File Number 3-22160
Allegation Type Broker Dealer
Document Summary On September 24, 2024, the SEC "announced charges against 12 firms, comprising broker-dealers, investment advisers, and one dually-registered broker-dealer and investment adviser, for widespread and longstanding failures by the firms and their personnel to maintain and preserve electronic communications in violation of recordkeeping provisions of the federal securities laws."

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order
Censured
Monetary Penalties:

Civil Penalty

Individual:     Shared:     $12,000,000.00
Shared with: CIBC World Markets

Related Documents:

34-101138 24-Sep-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 September 24, 2024, the SEC instituted settled administrative and cease-and-desist proceedings against CIBC World Markets Corp. and CIBC Private Wealth Advisors, Inc., 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 and procedures. 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:

CIBC World Markets Corp.