The Financial Industry Regulatory Authority has taken disciplinary actions against BOK Financial Securities Inc. and Principal Securities Inc.
The regulator censured and fined BOK Financial Securities $175,000 for allegedly failing to maintain in nonerasable and nonrewritable format, known as "write one, read many" format, about 730,000 order tickets and around 2,000 financial records, including accounting ledgers and financial and operational combined uniform single reports. The company also allegedly failed to implement an audit system regarding retaining and preserving electronic records.
FINRA also censured and imposed a $250,000 fine on Principal Securities, formerly known as Princor Financial Services Corp. The regulator found that for at least three years, the company's system for supervising additions to existing variable annuities was not reasonably designed to ensure that they complied with applicable securities laws and rules, including those governing suitability.
BOK Financial Securities and Principal Securities did not admit nor deny the findings, but they consented to the sanctions and to the entry of findings.