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NYSE Fines Wall Street Giants Over "Failures"

Law360 (September 13, 2006, 12:00 AM EDT) -- The regulatory wing of the NYSE Group Inc. fined three investment banks Wednesday over a laundry list of record-keeping and supervisory failures, with the group topped by Wachovia Corp.’s $2.25 million hit.

In addition to Wachovia, NYSE Regulation fined J.P. Morgan Securities Inc. $400,000 for various technological deficiencies, and Citigroup Global Markets Inc. $500,000 for failing to supervise excessive personal trading.

The problems at Wachovia stemmed from e-mail retention failures at three of the bank’s units—Charlotte, N.C.-based Wachovia Capital Markets LLC; Richmond, Va.-based Wachovia Securities LLC...
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