Wall Street Firms Settle $470M Recordkeeping Violation

Wall Street Firms Pay Hefty Fines

Major Wall Street Firms, including Toronto-Dominion Bank's TD Securities, BNY, and Truist, have agreed to pay over $470 million to settle civil charges with the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). These charges stem from violations of recordkeeping rules, specifically the failure to maintain records of work-related communications.