Tr?id=566623520170033&ev=PageView&noscript=1

Ä¢¹½´«Ã½

TD Bank Brokerage Unit Settles FINRA Case Alleging Oversight Gaps in Email Monitoring

Posted on December 11th, 2023 at 10:57 AM
TD Bank Brokerage Unit Settles FINRA Case Alleging Oversight Gaps in Email Monitoring

From the desk of Jim Eccleston at Ä¢¹½´«Ã½ 

TD Private Client Ä¢¹½´«Ã½alth (TDPCW), a broker-dealer subsidiary of TD Bank, has agreed to pay a $600,000 fine and be censured following an investigation by the Financial Industry Regulatory Authority (FINRA).

The regulatory body alleged that TDPCW, from February 2013 to July 2022, neglected to establish a system for reviewing correspondence and internal communications for compliance purposes. During that period, TDPCW, distinct from TD Ameritrade (acquired by Charles Schwab & Co in 2020), failed to assess around 3.5 million emails linked to 691 employee email accounts due to its inadequate supervisory system, as outlined in an Acceptance, Waiver and Consent (“AWC”), according to AdvisorHub.

TDPCW has approximately 585 registered representatives and operates across 40 branch office locations.

The unit's actions were deemed a violation of FINRA Rule 3110, which mandates firms to review electronic correspondence of associated persons and internal communications related to securities business. Additionally, it breached Rule 2010, requiring the observation of "high standards of commercial honor.” FINRA is mandating that TDPCW certify within 90 days the completion of a review of all emails spanning the nine-year investigation period. Furthermore, within 120 days, TDPCW is required to establish a supervisory system and written procedures addressing the previously identified flaws.

 

Ä¢¹½´«Ã½ LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law, finra

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

I want to extend a tremendous thank you for your dedication, professionalism, hard work and patient demeanor through this challenging time. It was enjoyable interacting with everyone on your team, this certainly helped while dealing with the situation and working towards resolution.

Dan M.

LATEST NEWS AND ARTICLES

1786980584 Law
August 17, 2026
Federal Judge Allows Investor Class Action Over Lightstone REIT Disclosures to Proceed

A federal judge has allowed investors to proceed with a class-action lawsuit alleging that directors and advisors of three Lightstone Value Plus REITs failed to disclose a significant conflict of interest before shareholders voted on amendments extending the funds' operating periods.

1786734880 Law
August 14, 2026
Cash Sweep Litigation Continues to Drive Legal Costs

Cash sweep litigation continues to increase legal costs for wealth management firms despite the Securities and Exchange Commission's (SEC) decision under the Trump administration to close pending investigations without imposing enforcement penalties, according to AdvisorHub.

1786636784 Law
August 13, 2026
FINRA Orders Centaurus Financial to Pay $1.1 Million Over Variable Annuity Supervision Failures

The Financial Industry Regulatory Authority (FINRA) has ordered Centaurus Financial Inc.