US securities regulators have fined five brokers $1.65m apiece for failing to retain internal emails for three years.
The fines, levied on Deutsche Bank Securities, Goldman Sachs, Morgan Stanley, Salomon Smith Barney and US Bancorp Piper Jaffray, are part of a crackdown by regulators who want electronic records kept for auditing purposes.
Some of the brokers failed to prevent departing employees from deleting emails, while others taped over back-up records after a year, or failed to store emails in an organised fashion, according to the regulators.
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