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JP Morgan fined by SEC for deleting email records

theregister.com

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Re: JP Morgan fined by SEC for deleting email records

#31

Post by nashashmi »

tsukikage wrote: post #18
EGreg wrote: post #2

I 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 is…

big companies like JPM just don’t have the secret networks of bad actors at an administrative level to carry out nefarious activities like this without someone blowing the whistle.

Re: JP Morgan fined by SEC for deleting email records

#33

Post by dghughes »

aziaziazi wrote: post #27

This double as a great PR communication toward any businesses that want their data be secured. Secured as in « out of legal reach »

Similar to that my provincial Conservative government and other Conservative governments in the region don't write down or type any meeting minutes. No notes nothing to give FOI requests. Dirty tricks!

Re: JP Morgan fined by SEC for deleting email records

#35

Post by rekoil »

ProllyInfamous wrote: post #20

Didn't we just have a hedge fund's physical records warehouse burn down, too, under such similar accident(s)?

Yes, supposedly a shelf fell and knocked the fire-suppression system out. I forget if that was the cause of the fire or simply the excuse for why the fire-suppression system didn't put the fire out and save the documents.

It was TD Ameritrade documents mostly it seems, but it was located close to a Citadel-owned building as well.

Re: JP Morgan fined by SEC for deleting email records

#36

Post by blitzar »

tsukikage wrote: post #18
EGreg wrote: post #2

I 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 is…

I consider retaining documents beyond X time to be incompetence at best, negligence at worst.

Tech and their, deleted means we keep it forever but mark it as deleted, should take notice.

Re: JP Morgan fined by SEC for deleting email records

#37

Post by aziaziazi »

dghughes wrote: post #33
aziaziazi wrote: post #27

This double as a great PR communication toward any businesses that want their data be secured. Secured as in « out of legal reach »

Similar to that my provincial Conservative government and other Conservative governments in the region don't write down or type any meeting minutes. No notes nothing to give FOI requests. Dirty tricks!

Such inspirational, any other institutions shall learn from that! Let’s teach that technique in business and administration schools.

Re: JP Morgan fined by SEC for deleting email records

#38

Post by RobotToaster »

rekoil wrote: post #35
ProllyInfamous wrote: post #20

Didn't we just have a hedge fund's physical records warehouse burn down, too, under such similar accident(s)?

Yes, supposedly a shelf fell and knocked the fire-suppression system out. I forget if that was the cause of the fire or simply the excuse for why the fire-suppression system didn't put the fire out and save the documents. It was TD Ameritrade documents mostly it seems, but it was located close to a Citadel-owned building as well.

Wow, what a "coincidence".

Re: JP Morgan fined by SEC for deleting email records

#40

Post by danuker »

ranting-moth wrote: post #16

IANAL 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. https://en.m.wikipedia.org/wiki/Adverse_inference

The SEC is not in the justice business. It is a puppet of the banks themselves. A $4M fine is NOTHING for a company netting $12.62B a QUARTER.
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