April 8, 2011 – The Securities and Exchange Commission said that for the first time it has fined brokerage executives for violating privacy regulations designed to prevent confidential information on customers from being sent to third parties without their consent.
Frederick Kraus, national sales manager of the defunct Tampa, Florida-based firm GunnAllen Financial Inc: agreed to pay a $20,000 fine. David Levine, its national sales manager also agreed to pay a $20,000 fine while chief compliance officer Mark Ellis agreed to a $15,000 fine. They did not admit to any wrongdoing.
Register or login for access to this item and much more
All Information Management content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access