SEC Charges 12 Municipal Advisors With Recordkeeping Violations

The Securities and Exchange Commission today announced charges against 12 municipal advisors for failures by the firms and their personnel to maintain and preserve certain electronic communications. The firms agreed to pay combined civil penalties of more than $1.3 million to settle the SEC’s charges. The firms admitted the facts set forth in their respective SEC orders, acknowledged that their conduct violated recordkeeping provisions of the federal securities laws, have begun implementing improvements to their compliance policies and procedures to address these violations, and agreed to pay the following civil penalties: Acacia Financial Group Inc. agreed to pay a civil penalty of $52,000; Caine Mitter and Associates Inc. agreed to pay a civil penalty of $94,000; cfX Inc.