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A broker-dealer and investment adviser agreed to pay $1 million to settle SEC charges of failing to (i) protect customer information and (ii) develop and implement a written identity theft prevention program.
A broker-dealer and investment adviser agreed to pay $1 million to settle SEC charges
of failing to (i) protect customer information and (ii) develop and
implement a written identity theft prevention program.
Voya Financial Advisors Inc. ("VFA") was charged with
"violating the Safeguards Rule and the Identity Theft Red
Flags Rule, which are designed to protect confidential customer
information and protect customers from the risk of identity
theft." According to the SEC Order, one or more persons
impersonated independent contractor representatives and were given
access to VFA's brokerage customer and advisory client
information. The intruder(s) used the VFA contractor
representatives' usernames and passwords to log in to the
portal and gain access to personally identifiable information for
thousands of VFA customers.
In resolving the matter, the SEC took into account the remedial
efforts undertaken by VFA.
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