Happened to me twice every week on average last year. I hate when it happens.
I automated my accident
JP Morgan fined by SEC for deleting email records
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Re: JP Morgan fined by SEC for deleting email records
#12> Worse still, the stuffup meant that it couldn't produce evidence that that the SEC and others subpoenaed in their investigations Oopsie, that's too bad. Totally accidental though I swear.
If an individual does that, they get held in contempt.
But with a corporation all they can do is fine, so it just becomes a cost of business :(
Re: JP Morgan fined by SEC for deleting email records
#13anyone gonna use AI to "do something about" top-level management of the SEC being an accessory to various crimes, or about corruption, money laundering and all that jazz? haven't read about a single startup, now that I think about it ...
Re: JP Morgan fined by SEC for deleting email records
#14What, like with a cloth?
Re: JP Morgan fined by SEC for deleting email records
#15> Worse still, the stuffup meant that it couldn't produce evidence that that the SEC and others subpoenaed in their investigations Oopsie, that's too bad. Totally accidental though I swear.
If an individual does that, they get held in contempt. But with a corporation all they can do is fine, so it just becomes a cost of business :(
Getting held in contempt of court is usually punished with a fine for individuals as well, so how is that different?
Re: JP Morgan fined by SEC for deleting email records
#16IANAL but in many countries the judge might draw adverse inference and effectively assume what was in that evidence.
That wouldn't be in the deleters interest.
Re: JP Morgan fined by SEC for deleting email records
#17Earlier quoted context omitted.
If an individual does that, they get held in contempt. But with a corporation all they can do is fine, so it just becomes a cost of business :(
Getting held in contempt of court is usually punished with a fine for individuals as well, so how is that different?
The difference is that if you were to be held in contempt of court, your fine would probably be higher than something like 0.01% of your annual earnings.
Re: JP Morgan fined by SEC for deleting email records
#18I believe them
This, but unironically.
When a law requires data to be retained for X time, risk-averse companies interpret this as an instruction to immediately delete said data as soon as time X passes, and use automated tools to this end. Sadly, these tools tend to be ad-hoc software written and maintained by internal teams, and thus about as buggy as you'd expect.
I've worked in such places, and - in addition to all the other issues - the continuous collective loss of corporate knowledge makes life pretty miserable.
Re: JP Morgan fined by SEC for deleting email records
#19A $4 million fine? That's so much cheaper than the cost of archiving!
It would be ironic if amongst the messages deleted was "Is $4m less than what we'd be fined for that other thing we did?"
Re: JP Morgan fined by SEC for deleting email records
#20Didn't we just have a hedge fund's physical records warehouse burn down, too, under such similar accident(s)?