Bank of America's securities unit last week agreed to pay a record $10 million penalty to the Securities and Exchange Commission for record-keeping violations and failing to produce documents ― in particular, e-mails ― requested as part of an SEC investigation. The fine is the largest imposed for a violation of this type, the SEC says. But it's not the first. In 2002, five Wall Street brokerages each accepted a $1.65 million fine for improperly storing e-mails.
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