SEC Fines Brokers For Consumer Privacy Breach

Law360, New York (April 7, 2011, 7:28 PM EDT) -- The U.S. Securities and Exchange Commission levied fines Thursday against three executives of a defunct Florida broker-dealer for violating a 2000 consumer privacy law, marking the first time it has assessed penalties against individuals charged solely with violating Regulation S-P.

In administrative orders, the agency said GunnAllen Financial Inc.'s former President and Chief Financial Officer Frederick O. Krauss and its former national sales manager David C. Levine failed to comply with notice and opt-out provisions of Regulation S-P, also known as the Safeguard Rule, and failed...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.