BGC Financial Pays $1.25M To End SEC Record-Keeping Fight

By Dean Seal (July 17, 2018, 9:19 PM EDT) -- The U.S. Securities and Exchange Commission said in an order Tuesday that New York-based BGC Financial LP had agreed to pay $1.25 million to settle the agency's claims that it deleted audio files sought by the SEC and failed to maintain accurate records for compensation, travel and entertainment expenses.

The SEC's order claims that the agency staff issued two requests in March 2014 for the recorded telephone conversations of eight BGC representatives, but that some were the subject of a hold for litigation unrelated to the SEC's inquiry. When the litigation hold was lifted two months later, some of the responsive...

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