FINRA v. Benjamin F. Edwards & Company, Inc.

Benjamin F. Edwards & Company, Inc. was censured and fined $750,000. According to FINRA, the firm failed to reasonably supervise its employees’ business-related text messages. The firm's supervisory system appears to have been not reasonably designed because the firm had no process or procedures, written or otherwise, for monitoring for compliance with its text messaging policies. The firm also appears to have failed to obtain or preserve all business-related text messages at the time they were exchanged. The firm also appears to have failed to comply with its discovery obligations in a FINRA arbitration.

Summary generated from official Financial Industry Regulatory Authority press release