Piper Sandler (PIPR) to Pay $16M Fine for Record-Keeping Lapses

Piper Sandler Companies (PIPR) has agreed to pay a total civil penalty of $16 million to U.S. regulators for record-keeping failures. In order to settle investigations into its record-keeping practices, PIPR will pay $14 million to the Securities and Exchange Commission ("SEC") and $2 million to the Commodity Futures Trading Commission ("CFTC"). Because of the increasing use of off-channel communications like various messaging apps to discuss company business, it has become more difficult for broker-dealers ...