Significant SEC Ruling on Email and Instant Messages

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Jul 19, 2010 11:12 am

Significant New SEC Ruling:
Compliance Officer Slammed
Over Emails and Instant Messages

http://www.brokeandbroker.com/index.php?a=blog&id=488

FINRA member firm vFinance Investments, Inc. and Richard Campanella, the Firm's former chief compliance officer and later president (together with vFinance, "Respondents"), appealed a Securities and Exchange Commission (SEC) administrative law judge's (ALJ’s) Initial Decision that found that vFinance willfully failed to preserve and promptly produce electronic communications regarding its trading in the securities of Lexington Resources, Inc. ("Lexington"), and that Campanella willfully aided and abetted and was a cause of these violations.

The ALJ ordered Respondents to cease and desist, censured Campanella, and fined the Firm $100,000 and Campanella $30,000.

Bill Singer's Comprehensive Analysis of this Important Case At:

http://www.brokeandbroker.com/index.php?a=blog&id=488